Using the Content and Material

You may view, print and make copies of the content and material presented on the Website, subject to all the provisions of these Terms, including but not limited to the provisions under the headings Use Restrictions and Proprietary Rights below. You may not copy, store, transmit, perform, broadcast, publish, reproduce, create a derivative work from, display, or distribute, sell, license, rent, lease or otherwise transfer (either in printed or electronic format) any such content or material in any way that does not comply with these Terms without our prior written permission. Further, you may not decompile, disassemble, reverse engineer or otherwise exploit the Website, without our prior written permission. To request permission to use any of the content and material on the Website beyond the uses expressly provided in these Terms, please write to us at: Municipal Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, VA 22314.

You may place a hypertext link to the Website on your own website, but only if you comply with each of the following: (a) you shall not change the way the Website is displayed (i.e., you must display the Website in the same manner in which it would be displayed if the person accessing the Website through your link had, instead, directly accessed the Website without using your link); (b) you shall not display the Website within a frame of another website; (c) you shall not link to the Website in such a manner as to cause a user of your website to download any specific document or file on the Website without viewing the page on the Website from which such file can be downloaded (e.g., you may not link directly to a PDF or zip file); (d) the link displayed on your website must be a text-only link; (e) you shall make explicit that you are linking to EMMA but you shall not use any of our logos or any other graphical design or text in your link or on your website; (f) the look and feel of the link must not damage or dilute the goodwill associated with our name and trademarks; and (g) the look and feel of the link must not create the false impression that you or anyone else is associated with, sponsored by or otherwise endorsed by us or that any activity engaged in by you or anyone else has been approved by us. We may revoke our consent to your use of such link on your website at any time. If we provide you with notice that you may no longer link to the Website you must remove such link from your website.

Use Restrictions

You may use the Website only for the purposes, and only in compliance with your obligations, stated in these Terms.

You agree that you will not use content retrieved from this Website, or the applications, materials or services accessible through the Website, to develop or create a database to be sold, leased, furnished, licensed or otherwise made available (either commercially or free of charge). You agree that you will not use or allow others to use any data mining, robot or similar automated or data gathering and extraction methods to access, acquire, monitor or copy any portion of the Website or the applications, materials or services accessible through the Website in bulk or to make excessive requests for information. You agree not to obtain through any means any materials or information on the Website that have not been intentionally made publicly available either by their public display on the Website or through their accessibility by a visible link on the Website. You also agree not to violate the restrictions in any robot inclusion headers on this Website or in any way bypass or circumvent any other measures employed to limit or prevent access to the Website or its content and not to violate the security of the Website or attempt to gain unauthorized access to the Website, materials, or services accessible through the Website or to any computer systems or networks connected to any MSRB server, through hacking, password mining or any other means. You further agree not to use any device, software or routine to bypass any software or hardware that prohibits volume requests for information. You will also not take any action that imposes an unreasonable or disproportionately large load on the Website or in any way compromises the content, speed or functionality of the Website.

You may not post on, or distribute through, the Website any computer program that damages, interferes with, intercepts or collects any system, data or personal information of ours or any third party. The information available on this Website is also available by subscription, for a fee, from the MSRB on a bulk or streaming basis, as described on the MSRB website at www.msrb.org.

You shall comply with all applicable laws and regulations, including, without limitation, United States and foreign patent, trademark, service mark and copyright laws. You may not use the Website in violation of any U.S. export law or regulation. The Website is intended for use only by individuals 13 years of age and older. You are not permitted to provide us with personal information if you are under 13 years of age, and we will not knowingly collect personal information from anyone under 13 years of age.

CUSIP® and SECURITIES DATAMANAGER Data

Some information available on the Website is provided by Standard & Poor’s SECURITIES DATAMANAGER and the CUSIP Service Bureau, managed by Standard & Poor’s on behalf of the American Bankers Association ("ABA"). Such information includes CUSIP standard numbers ("CUSIP Numbers") and CUSIP standard securities descriptions. CUSIP Numbers and CUSIP standard securities descriptions are provided to the MSRB by the CUSIP Service Bureau. The CUSIP Service Bureau and the ABA assert that the CUSIP Numbers and CUSIP standard securities descriptions are and shall remain valuable intellectual property of the CUSIP Service Bureau and the ABA, and you acknowledge and agree that no proprietary rights are being transferred to you in such information. In addition, some information relating to CUSIP standard securities descriptions is being supplemented or provided in full from SECURITIES DATAMANAGER. Such CUSIP standard securities description, as supplemented or otherwise provided, is referred to herein as the "Securities Descriptions."

We are providing CUSIP Numbers and Securities Descriptions on the Website solely for the purpose of identifying municipal securities as an integral part of the trade price information provided on the Website and to which the official statements and advance refunding documents provided on the Website are related. No other use of CUSIP Numbers and Securities Descriptions is granted by us, Standard & Poor’s, the CUSIP Service Bureau or the ABA. You agree that you will not use the CUSIP Numbers and Securities Descriptions contained on the Website for any other purpose. You may not download CUSIP Numbers and Securities Descriptions from the Website. Such information obtained from the Website shall not be re-disseminated other than as provided in these Terms and, to the extent such information is re-disseminated by you to other parties, you will take all necessary and reasonable precautions to ensure that recipients who obtain the information directly or indirectly from you do not use CUSIP Numbers or Securities Descriptions for any other purpose.

THE MSRB IS NOT GRANTING TO ANY USER OR ANY OTHER RECIPIENTS OF CUSIP NUMBERS OR SECURITIES DESCRIPTIONS ANY RIGHTS OR LICENSE TO THE CUSIP SERVICE BUREAU’S DATABASE OTHER THAN THE RIGHT TO USE SECURITIES DESCRIPTIONS, CUSIP NUMBERS AND CUSIP STANDARD SECURITIES DESCRIPTIONS FOR THE LIMITED USE NOTED IN THE FIRST TWO SENTENCES OF THE PRECEDING PARAGRAPH. You specifically agree that the use of the CUSIP Numbers and Securities Descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP Numbers or standard securities descriptions for yourself or any other third party recipient of such information, and is not intended to create and does not serve in any way as a substitute for any CUSIP subscription services now or in the future offered by the CUSIP Service Bureau or any SECURITIES DATAMANAGER.

Credit Ratings

The Website displays ratings for municipal securities currently assigned by Fitch Ratings and Standard and Poor’s (S&P) based on their agreement with MSRB to make them available to the public through the Website. WEBSITE USERS SHOULD BE AWARE THAT RATINGS INFORMATION APPEARING ON THE WEBSITE IS CURRENT AS OF THE "LAST UPDATED" DATE AND TIME INDICATED ON THE EMMA WEBSITE, AND THE MSRB TAKES NO RESPONSIBILITY FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA FEEDS. THE WEBSITE DISPLAYS ONLY THE CURRENT RATINGS INFORMATION FOR ANY SECURITY AND DOES NOT DISPLAY HISTORICAL RATINGS INFORMATION. Thus, if the rating for a municipal security has been changed by a rating agency, the prior rating will no longer be accessible through the Website. At times, rating agencies may take rating actions that are not immediately included in the data feeds but may instead be released initially through other means, such as a press release or spreadsheet posted on their websites. To view any potential rating action that may have been taken by a rating agency on a municipal security since the last update received by the Website, or to understand the meaning of the ratings and other information provided by each rating agency, please refer to the information available on those agencies’ websites.

Standard and Poor’s Financial Services LLC Disclaimer

Copyright © 2013 by Standard & Poor’s Financial Services LLC. All rights reserved.

No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

S&P’s credit ratings and related research are not intended for and must not be used by or distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Australian users can access additional information about S&P’s credit ratings and related research from www.standardandpoors.com.au. Other S&P websites are not intended for Australian users.

Proprietary Rights

• General
  As between us and you, all right, title and interest in and to the works of authorship and other content and material contained on the Website are owned, licensed or controlled by us. Nothing contained in these Terms grants you any of our, our affiliate’s or any third party’s proprietary rights. All of the content and material on the Website may be protected by copyright, trademark and other forms of proprietary rights. You may only use the content and material on the Website in a manner that is consistent with our, our affiliate’s and all third party’s copyrights, trademarks and other proprietary rights. Further, you may only use such content in the manner and for the purposes expressly permitted by these Terms.

Use of Non-Personal Information Supplied by You

This section does not apply to information supplied by you to the Website that can identify you, which is covered by EMMA's Privacy Policy.

If you supply us with any information, including but not limited to feedback, data, questions, comments, suggestions or the like, such information shall not be deemed confidential. All such submissions, whether through the Website or by mail, email, telephone or otherwise, shall be deemed our property. By submitting such information you assign to us all worldwide right, title and interest in and to such information. We may use such information in any way we choose and are not liable for any use or disclosure of such information. We have no obligation to keep such information confidential. We are free to reproduce, use, disclose and distribute such information to others. We are free to use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever, including but not limited to developing and using, on EMMA or otherwise, products and services based on or containing such information.

You may only submit materials that are your own original work. You shall not infringe, misappropriate or violate the rights of anyone else by your submission to us of any feedback, data, questions, comments, suggestions or the like.

Disclaimer and Limitation of Liability

We are providing the Website and the content and material on the Website without warranties or representations and on an "as is" basis. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. You shall bear all risk, related costs and liability and be responsible for your use of all content and material on the Website. We assume no responsibility for the consequences of any intentional or unintentional error, omission, inaccuracy, incompleteness or untimeliness in or with respect to any of the content and material on the Website.

The trade price information provided on the Website represents certain inter-dealer and customer trades in municipal securities that have been reported by broker-dealers and banks to us. The trade price information does not necessarily reflect all transactions that were effected on the specific trade date noted. There is the possibility of errors in the trade submission process or errors or omissions in other processing of data, or delays in delivery of data reported by broker-dealers and banks or reported by us. The trade price information provided on the Website should not be used as the sole basis for pricing or executing transactions in municipal securities. Prices for transactions vary with market conditions and can be affected by trade size and other factors. Neither we nor our suppliers of data products or other services used to generate the transaction reports warrant or guarantee the accuracy of the trade price information contained on the Website.

In addition, the official statements and advance refunding documents provided on the Website are submitted to us by broker-dealers and banks that underwrite offerings of municipal securities. Continuing disclosure documents and related information provided on the Website are submitted to us as well. Such documents may not exist for all offerings of municipal securities and such documents are not required to be submitted to us for certain types of offerings. There is the possibility of failures by underwriters to submit required documents to us, or of errors or delays in the processing of such documents by underwriters or us. We do not review the information contained in such documents for accuracy, completeness or any other purpose, and we do not warrant or guarantee the accuracy of any information contained in such documents.

We and our affiliates, officers, directors, employees, agents, consultants and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond our or their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside our control, including the Internet; (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material on the Website; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Website, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Website; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental or consequential damages associated or in connection with, resulting from or arising out of any use of the Website or the content and material on the Website.

Unless due to willful tortuous misconduct, we and our affiliates, officers, directors, employees, agents, consultants and licensors shall have no liability in tort, contract or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Website.

We and our affiliates, officers, directors, employees, agents, consultants and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles identified, referred to or described on the Website.

Viruses

We cannot and do not guarantee, represent or warrant that the Website or its content and material is compatible with your computer system. Further, we cannot and do not guarantee, represent or warrant that the Website or its content and material will be free of harmful or destructive computer programs, such as viruses, worms, Trojan horses or disabling devices. You alone are responsible for implementing safeguards to protect the security and integrity of your computer system. You are also responsible for the entire cost of any service, repairs or connections of and to your computer system that may be necessary as a result of your use of the Website.

Indemnification

You shall defend, indemnify and hold us harmless from and against all losses, claims, threatened claims, liabilities, damages, costs and expenses, including reasonable attorney’s fees, of any kind that arise from your use or misuse of the Website, including, but not limited to, your non-compliance with these Terms or your violation of any third-party rights.

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, the information you view is not provided by us. We are not responsible for the content at any other website. We make no guarantees, representations or warranties as to any content or material at any other website, including websites that may be reached by links on the Website.

Modification of the Website

We may at any time modify, suspend or discontinue the Website (or any part thereof) with or without notice, for any reason. We have no liability to you or to any third party for any modification, suspension or discontinuance of the Website. We have no obligation to maintain the Website on a frequent or timely basis.

Changes to these Terms and Conditions of Use

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

Violations of these Terms and Conditions of Use

We may seek all remedies available to us at law and in equity for your violation of these Terms. One remedy we may pursue is to block your access to the Website. Further, your violation of these Terms shall be considered a breach of contract.

We may investigate suspected violations of these Terms. We shall be allowed to cooperate with: (a) law enforcement authorities in the investigation of suspected criminal violations; (b) system administrators at Internet service providers, networks or computing facilities; and (c) third party vendors in order to enforce these Terms. Such cooperation may include providing Users’ IP addresses or other identifying information to the law enforcement authorities, third party vendors or system administrators. We may disclose any information we think necessary to comply with all applicable law, regulation, legal process or governmental request.

Governing Law

These Terms 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 these Terms and the Website shall be filed only in the state or federal courts located in the Commonwealth of Virginia.

Complete Agreement

These Terms represent the entire agreement between you and us relating to your use of the Website and the content and material on the Website.

Severability

If any provision of these Terms shall for any reason be invalid or unenforceable, the remaining provisions of these Terms shall be interpreted so as to reasonably effect the intent of the parties. Any such invalid or unenforceable provisions in these Terms 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.

In addition and without limiting the foregoing paragraph, some U.S. states and foreign countries may provide rights in addition to those provided in the above Disclaimer and Limitation of Liability section or do not allow the exclusion or limitation of implied warranties or liability for incidental or consequential damages. Therefore, the limitations set forth in the above Disclaimer and Limitation of Liability section may not apply to you or there may be state or country specific provisions that superseded such limitations. Any provision of the above Disclaimer and Limitation of Liability section that is declared invalid shall be deemed severable and shall not affect the validity or enforceability of the remainder.

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©2013 Municipal Securities Rulemaking Board.