This website, including the Electronic Municipal Market Access (EMMA®) system, accessed
at emma.msrb.org and msrb.org (collectively, the "Website"), is administered by
the Municipal Securities Rulemaking Board ("MSRB", "us", "our" or "we"). The Website
is to be used solely by parties ("Users" or "you") for their own internal purposes.
By using the Website, you expressly accept and agree to comply with these Terms
and Conditions of Use ("Terms"). You may not use the Website if you do not agree
to these Terms. Therefore, please read these Terms carefully.
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
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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,
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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
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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
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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
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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
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load on the Website or in any way compromises the content, speed or functionality
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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
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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
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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.
The Website displays ratings for municipal securities currently assigned by Fitch Ratings, Kroll Bond Rating Agency, Inc., Moody's (as defined below)
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
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.
Kroll Bond Rating Agency, Inc.
2016, Kroll Bond Rating Agency, Inc., and/or its licensors and affiliates (together, "KBRA"). All rights reserved.
Some ratings information available on the Website is provided by Kroll Bond Rating Agency, Inc. and/or its licensors and affiliates (together, "KBRA").
All such information is proprietary to KBRA and is protected by copyright and other intellectual property law, and none of such information may be copied
or otherwise reproduced, further transmitted, redistributed, repackaged or resold, in whole or in part, by any person, without KBRA's prior express written
consent. KBRA ratings are licensed by KBRA under these conditions. Misappropriation or misuse of KBRA ratings may cause serious damage to KBRA for which
money damages may not constitute a sufficient remedy; KBRA shall have the right to obtain an injunction or other equitable relief in addition to any other
remedies. The statements contained in any KBRA ratings report are based solely upon the opinions of KBRA and the data and information available to the
authors at the time of publication of such report. All information contained in the KBRA ratings reports is obtained by KBRA from sources believed by
KBRA to be accurate and reliable; however, KBRA ratings are provided "AS IS". No warranty, express or implied, as to the accuracy, timeliness, completeness,
merchantability, or fitness for any particular purpose of any rating or other opinion or information is given or made by KBRA. Under no circumstances
shall KBRA have any liability resulting from the use of any such information, including without limitation, for any indirect, special, consequential,
incidental or compensatory damages whatsoever (including without limitation, loss of profits, revenue or goodwill), even if KBRA is advised of the possibility
of such damages. The credit ratings, if any, and analysis constituting part of the information contained in any KBRA ratings are, and must be construed
solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. KBRA receives compensation for
its rating activities from issuers, insurers, guarantors and/or underwriters of debt securities for assigning ratings and from subscribers to its website.
Moody's Corporation Disclaimer
Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES ("MIS") ARE Moody's CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT
RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY Moody's ("Moody's PUBLICATIONS")
MAY INCLUDE Moody's CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. Moody's DEFINES
CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT
OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT
RATINGS AND Moody's OPINIONS INCLUDED IN Moody's PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Moody's PUBLICATIONS MAY ALSO INCLUDE
QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY Moody's ANALYTICS, INC. CREDIT RATINGS AND Moody's PUBLICATIONS
DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND Moody's PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO
PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR Moody's PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR
INVESTOR. Moody's ISSUES ITS CREDIT RATINGS AND PUBLISHES Moody's PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE
CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
Moody's CREDIT RATINGS AND Moody's PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS
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ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT Moody's PRIOR WRITTEN CONSENT.
All information used in connection with Moody's credit ratings is obtained by Moody's from sources believed by it to be accurate and reliable. Because
of the possibility of human or mechanical error as well as other factors, however, all information displayed on the Website is provided "AS IS" without
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from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot
in every instance independently verify or validate information received in the rating process or in preparing the Moody's Publications.
To the extent permitted by law, Moody's and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to
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of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit
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To the extent permitted by law, Moody's and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for
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the control of, Moody's or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with
the information displayed on the Website or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING
OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY Moody's IN ANY FORM OR MANNER WHATSOEVER.
Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of
debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service,
Inc. have, prior to assignment of any rating, agreed to pay to Moody's Investors Service, Inc. for appraisal and rating services rendered by it fees ranging
from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes.
Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS
and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor
Relations — Corporate Governance — Director and Shareholder Affiliation Policy."
Additional terms for Australia only: Any publication into Australia of Moody's credit ratings and Moody's publications is pursuant to the Australian Financial
Services License of Moody's affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd
ABN 94 105 136 972 AFSL 383569 (as applicable). Moody's credit ratings and Moody's publications are intended to be provided only to "wholesale clients"
within the meaning of section 761G of the Corporations Act 2001. By continuing to access Moody's information displayed on the Website from within Australia,
you represent to Moody's that you are, or are accessing this information as a representative of, a "wholesale client" and that neither you nor the entity
you represent will directly or indirectly disseminate this information or its contents to "retail clients" within the meaning of section 761G of the Corporations
Act 2001. Moody's credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer
or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use Moody's credit ratings
or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.
Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned
by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary
of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit
Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types
of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers
are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial
paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable)
for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
Standard and Poor’s Financial Services LLC Disclaimer
by Standard & Poor’s Financial Services LLC. All rights reserved.
No content (including ratings, credit-related analyses and data, model, software
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To the extent that regulatory authorities allow a rating agency to acknowledge in
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As a result, certain business units of S&P may have information that is not
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procedures to maintain the confidentiality of certain non-public information received
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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.
The economic calendar on the Website, including the information contained therein, is provided by Econoday, Inc. WEBSITE USERS SHOULD BE AWARE THAT THE MSRB DOES NOT REVIEW OR INDEPENDENTLY VERIFY ANY INFORMATION CONTAINED IN THE ECONOMIC CALENDAR FOR ACCURACY, TIMELINESS, COMPLETENESS OR ANY OTHER PURPOSE.
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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
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
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and using, on EMMA or otherwise, products and services based on or containing such
You may only submit materials that are your own original work. You shall not infringe,
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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
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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
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processing of such documents by underwriters or us. We do not review the information
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we do not warrant or guarantee the accuracy of any information contained in such
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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.
These Terms shall be governed by and construed in accordance with federal law and the laws of the District of Columbia, 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/or the Website shall be filed only in a court of competent jurisdiction located in the District of Columbia.
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.
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
Municipal Securities Rulemaking Board.