This website, including the Electronic Municipal Market Access (EMMA®) system, accessed
at emma.msrb.org and msrb.org (collectively, the "Website"), is administered by
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By using the Website, you expressly accept and agree to comply with these Terms
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Using the Content and Material
You may view, print and make copies of the content and material presented on the
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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
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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
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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.
2017, 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
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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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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
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in every instance independently verify or validate information received in the rating process or in preparing the Moody's Publications.
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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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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.
Some data available on the Website is provided by IPREO LLC.THE DATA PROVIDED BY IPREO IS PROVIDED "AS IS". NEITHER IPREO, ITS AFFILIATES NOR ANY OF THEIR PROVIDERS MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND TO ANY PERSON OR PARTY, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA, THE TIMELINESS, RELIABILITY, ACCURACY OR COMPLETENESS THEREOF, THE RESULTS TO BE OBTAINED BY THE USE THEREOF OR ANY OTHER MATTER. IPREO EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. THE DATA DOES NOT CONSTITUTE A RECOMMENDATION TO BUY OR SELL SECURITIES OF ANY KIND. BY VIEWING THIS DATA YOU AGREE THAT IPREO HAS NOT UNDERTAKEN ANY LIABILITY OR OBLIGATION RELATING TO THE PURCHASE OR SALE OF ANY SECURITIES AND YOU ACCEPT RESPONSIBILITY FOR, AND ACKNOWLEDGE THAT YOU AND THE ENTITY ON WHOSE BEHALF YOU ARE VIEWING THE DATA EXERCISES ITS OWN INDEPENDENT JUDGMENT IN, ITS SELECTION AND USE OR INTENDED USE OF ANY DATA, AND ANY RESULTS OBTAINED. ANY RELIANCE ON THE DATA IS AT THE USER’S SOLE RISK, AND NEITHER THE USER NOR THE ENTITY ON WHOSE BEHALF THE DATA IS USED SHALL HAVE ANY RECOURSE OR CLAIM AGAINST IPREO, ITS AFFILIATES OR ITS PROVIDERS ARISING FROM SUCH RELIANCE. IN NO EVENT SHALL IPREO OR ANY OF ITS PROVIDERS OR MUNICIPAL SECURITIES RULEMAKING BOARD BE LIABLE FOR ANY DIRECT OR INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES RELATING TO THE USE OF THE DATA, WHETHER IN TORT, CONTRACT OR OTHERWISE, AND WHETHER OR NOT IPREO (OR ITS PROVIDERS OR THE MSRB) HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
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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,
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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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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.
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.
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.
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.