EMMA is a vital tool in fulfilling the MSRB’s investor protection role. The EMMA
Education Center will help you better understand the disclosure and trade price
information provided through EMMA.
What Are Bonds?
Municipal bonds, or “munis,” are issued by states, counties, cities, or their agencies
to finance public-purpose projects –schools, roads and bridges, utilities, affordable
housing, airports, hospitals, and other public facilities and programs. Munis come
in many forms, including long-term fixed rate bonds, short term notes, variable
rate securities, zero-coupon bonds, taxable securities, and other varieties.
What Are 529 College Savings Plans?
529 college savings plans are established by states under Internal Revenue Code
Section 529 for the purpose of providing a program for individuals wishing to invest
to pay for qualified higher education expenses of a beneficiary. Usually but not
always structured similar to a mutual fund or fund of funds, 529 college savings
plans are offered by virtually every state.
Searching for Municipal Securities
EMMA provides three powerful tools for finding information about specific municipal
securities: CUSIP-based direct access to security details, advanced search filters
and 529 Plan search.
Learn more about searching on EMMA
Go to EMMA’s comprehensive search tools
What is a CUSIP?
Understanding What You Find on EMMA
EMMA provides you with easy access to official statements, advance refunding documents
and trade prices. Learn how to understand the information you find on EMMA.
Learn about official statements
Learn about advance refunding documents
Learn about trade prices
What You Should Know Before Investing
There is much to know and consider before making any investment, including an investment
in municipal bonds, notes or 529 college savings plans. Investors need to understand
the features of the investment, the credit quality of the investment, and the trade
details, in addition to the investors’ own motivations, needs and risk tolerances.
Questions to Ask When Investing in Municipal Bonds
Find answers to some of the basic questions about how EMMA works, what are the key
features of municipal securities, how you should read an official statement, what
is an advance refunding, and how to understand the price and other terms of a bond
See Frequently Asked Questions
Glossary of Terms
A key to understanding investments in municipal securities is understanding the
muni terminology. The MSRB has prepared the industry-standard Glossary of Municipal
Securities Terms that includes the most comprehensive set of definitions of terms
used in the municipal securities industry.
Look up a term in the Glossary
There are many governmental, non-profit and private sector sources from which to
obtain additional information about municipal securities on the web.
See links to other resources