About EMMA

Overview

The Electronic Municipal Market Access system, or EMMA®, is the official repository for information on virtually all municipal securities. EMMA provides free public access to official disclosures, trade data, credit ratings, educational materials and other information about the municipal securities market. EMMA is an award-winning website, recognized by the National Federation of Municipal Analysts and the National Association of State Treasurers' State Debt Management Network. The Municipal Securities Rulemaking Board (MSRB) operates the EMMA website under authority granted by the U.S. Securities and Exchange Commission (SEC).

What is EMMA?

The EMMA website was established to increase public access to disclosure and transparency information in the municipal securities market. EMMA provides investors, state and local governments and other market participants with key information about municipal securities, free of charge. The information on EMMA is presented in an easy to use format that is available to the general public.

Search EMMA for information about bonds and notes
Find information on 529 college savings plans
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Learn more about the municipal securities market, primary and secondary market disclosures, advance refunding and other types of documents, as well as trade prices and other related data, in the MSRB Education Center

What Documents and Data Are Available On EMMA?

The SEC designated the EMMA website as the official repository for municipal securities disclosures in 2009. EMMA houses hundreds of thousands of municipal disclosure documents that provide information for investors about municipal securities. These include offering documents, called official statements, for most new offerings of municipal bonds, notes, 529 college savings plans and other municipal securities issued since 1990. EMMA also provides access to advance refunding documents, which detail arrangements made when new bonds are issued to establish escrows to pay-off existing bonds (usually to refinance the old debt at a lower interest rate). Also available are continuing disclosure documents that describe material information throughout the life of a bond and must be provided by municipal bond issuers. Additional disclosures that are voluntarily provided by issuers may be available for some bonds.

EMMA also provides market transparency data, which includes real-time prices and yields at which bonds and notes are bought and sold, for most trades occurring on or after January 31, 2005. Interest rates for municipal securities, including those for auction rate securities and variable rate demand obligations, can be found on EMMA as well. Municipal market-wide trends and data are available in the market statistics section.

All of the documents and data on EMMA are accessible in an integrated display for each municipal security. For more information about finding documents and data on EMMA, go to the EMMA Help page.

Who Operates EMMA?

EMMA is a service of the Municipal Securities Rulemaking Board (MSRB). The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its the EMMA website. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the SEC.

The MSRB collaborates with the SEC, Financial Industry Regulatory Authority, Federal Deposit Insurance Corporation, Federal Reserve System, and Office of the Comptroller of the Currency, all of which enforce compliance with MSRB rules among brokers, dealers, municipal advisors and banks. Learn more about the many governmental, non-profit and private sector sources from which to obtain additional information about municipal securities on the web.

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