This "Privacy Policy" sets forth the privacy policy pertaining to this website, including the Electronic Municipal Market Access (EMMA™) system (collectively, the "Website"), which is owned by us. By using the Website, you expressly accept and agree to comply with this Privacy Policy. You may not use the Website if you do not agree to this Privacy Policy. Therefore, please read this Privacy Policy carefully.

This Privacy Policy applies only to Personal Information that we collect on-line.

For other terms and conditions that apply to your use of the Website, please review our Terms and Conditions of Use.

Information We Collect

"Personal Information" means any information submitted to us via the Website by which you can be personally identified, and may include your name, address, telephone number, e-mail and address. We collect Personal Information only when you voluntarily submit it to us, such as when submitting a comment or question through the contact page, signing up for e-mail alerts or providing us with feedback.

Besides Personal Information, when you access the Website our web servers may automatically recognize and collect information regarding your referring domain, your type of internet browser, operating system software, screen resolution, cookie preferences and similar technical data. None of this information is personally identifiable and we only use this information in the aggregate to measure overall Website usage patterns and trends.

Cookies

We may use a technology called "cookies" to provide you with tailored information. A cookie is a small piece of data that the Website can send to your browser, which may then be stored on your hard drive so the Website can recognize you as you browse between web pages on the Website. These cookies may collect the operating system and browser that you are using, and accumulate and report anonymous, statistical information on Website usage. The use of cookies shows us how visitors to the Website navigate through the Website and thus allows us to make our site more responsive to your needs by delivering a better and more personalized experience to you. We only use "session" cookies, which remain on your computer only while you browse the Website and possibly for a short time thereafter. We do not use cookies to identify or track any Personal Information. If you do not wish to have a cookie sent to your browser, you can change the settings on your internet browser to stop it from automatically accepting cookies. While rejecting a cookie will not normally affect your browsing or your ability to access the features on the Website, you may find that certain navigational elements of the Website have limited functionality.

How We Use Your Personal Information

It is our policy to maintain all Personal Information as confidential except as may be necessary to fulfill a function listed below, and to use such Personal Information only for the following purposes:

• for the specific purpose that it was volunteered (for example, to sign up for e-mail alerts or to submit feedback)
• to improve the content, appearance and utility of the Website
• to trace visitors' use of the Website for internal research purposes
• to notify visitors of updates to the Website (for example, to alert users of Website updates pursuant to e-mail alerts)
• to provide any necessary notices to visitors

Additionally, we may disclose specific information about you upon governmental request or if required to do so by law or based on our good faith belief that it is necessary to conform to or comply with the law or is necessary to protect the Users of the Website or the public in general.

Accessing and Changing Your Information

At any time, you may obtain a summary of your Personal Information on record with us. You may request that we correct or update any such Personal Information. To make such a request, you may send a message through our Contact page or write to Municipal Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, Virginia 22314. When contacting us, please be sure to provide us with your exact e-mail address, name, address and/or telephone number(s) in order to be sure we handle your request correctly. Please also note that each time we send you an e-mail message with respect to an e-mail alert for which you have subscribed, the e-mail will give you the option to unsubscribe from the e-mail list by simply clicking the unsubscribe link.

Security

We are committed to keeping Personal Information secure, and we have reasonable technical, administrative and physical safeguards in place to protect Personal Information from loss, misuse or alteration.

Leaving the Website

After leaving the Website, whether via a link contained on the Website or through the use of your web browser or some other navigational tool, this Privacy Policy is no longer in effect. We are not responsible for the privacy practices employed by any other website. We make no guarantees, representations or warranties as to the privacy practices of any other website, including websites that may be reached by links in the Website.

Changes to this Privacy Policy

We may revise this Privacy Policy at any time. You are bound by any changes to this Privacy Policy upon our posting of such changes on the Website. You should check this Privacy Policy often to make certain that you are aware of the most current terms and conditions of this Privacy Policy. On and after the date an updated Privacy Policy is posted on the Website, your use of the Website will be governed by such updated Privacy Policy.

Governing Law

This Privacy Policy shall be governed by and construed in accordance with federal law and the laws of the Commonwealth of Virginia, without regard to any principles of conflicts of law. Any action at law or in equity that arises out of or relates to this Privacy Policy shall be filed only in the state or federal courts located in the Commonwealth of Virginia.

Severability

If any provision of this Privacy Policy shall for any reason be invalid or unenforceable, the remaining provisions of this Privacy Policy shall be interpreted so as to reasonably effect the intent of the parties. Further, any such invalid or unenforceable provisions shall be deemed replaced with valid and enforceable provisions that, to the extent possible, fulfill the business purposes and intent of such invalid and unenforceable provisions.

Trademark and Copyright Notices

"Municipal Securities Rulemaking Board," "Electronic Municipal Market Access" and "EMMA" are either registered or unregistered trademarks of Municipal Securities Rulemaking Board.

Copyright©2008 Municipal Securities Rulemaking Board.