Terms of Use

Municipal Securities Rulemaking Board's EMMA® Website Terms of Use

Last Updated: July 24, 2017

This website, emma.msrb.org, including the Electronic Municipal Market Access (EMMA®) system and all subdomains and areas of this website, (the "Website") is administered by the Municipal Securities Rulemaking Board ("MSRB", "we", "us" or "our"). Please read these Terms of Use ("Terms") carefully because these Terms constitute a legally binding agreement between any person using the Website ("you") and the MSRB. You may not use the Website (or Content or Services, as defined below) if you do not agree to these Terms. Your use of the Website, Content and/or Services acknowledges that you read, understand and accept these Terms and conclusively shall constitute your agreement to be bound by and comply with these Terms. These Terms apply to your use of the Website, including any or all content (including text, information, data, reports, materials, graphics, audio, video, content, concepts, software, user interfaces, features, functionality, navigation, look and feel, designs, trademarks, trade names, trade dress and logos) on the Website ("Content"), as well as any services, software and applications, if any, provided on or available through the Website ("Services"), regardless of how you access it (for example, through the Internet or on a mobile device).These Terms include limitations on the MSRB's and certain third parties' liability, disclaimers of warranties and a submission to jurisdiction.

Use Restrictions

You may only use the Website, Content and Services solely for the purposes permitted and as is expressly permitted in these Terms and otherwise in compliance with these Terms. All rights not expressly granted to you are reserved to the MSRB, its licensors and other respective owners, if any. The Website, Content and Services are to be used solely by you for your own internal purposes. The Website is intended for use only by individuals 13 years of age and older. You are not permitted to and shall not provide us with personal information if you are under 13 years of age.

You agree that you will not:

  • use Content or Services to develop or create a database to be sold, leased, furnished, licensed or otherwise exploited or made available (either commercially or free of charge).
  • use or allow others to use any data mining, crawling, "scraping", robot or similar automated or data gathering or extraction method, or any manual process, to access, acquire, monitor or copy any portion of the Website, Content or Services, or otherwise systematically download or store Content (unless otherwise authorized by the MSRB). (Certain data and other information on the Website is 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 .)
  • make excessive requests for information or take any action that (i) imposes an unreasonable or disproportionately large load on the Website, (ii) in any way compromises Content, or speed or functionality of the Website, or (iii) introduces a virus or other malware to the Website or Services, including to interrupt, destroy, limit or otherwise negatively affect the Website or servers or networks connected to it, or use any device, software or routine to bypass any software or hardware that prohibits volume requests for information.
  • 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.
  • violate, bypass or circumvent (i) restrictions in any robot inclusion headers on the Website or any other measures intended to limit or prevent access to the Website, Content or Services or (ii) the security of the Website or attempt to gain unauthorized access to the Website (or Content or Services) or to any computer systems or networks connected to any MSRB server, through hacking, password mining, unauthorized use of another's password/credentials or any other means.
  • restrict, inhibit or interfere with use of the Website, Content or Services by any other person (including by hacking or defacing the Website).
  • 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.
  • as is further described in the section "Copyright and Trademark Rights" below and subject to the various provisions in the Terms below relating to data or other Content provided by the MSRB's licensors, make use of any trademarks, service marks, trade names or logos on the Website, or remove any copyright or other proprietary notices in the content.
  • infringe, misappropriate or violate the rights of any third party by your submission to the MSRB of any information.
  • use the Website, Content or Services in violation of any U.S. or foreign law, rule or regulation, including United States and foreign patent, trade secret, trademark, service mark and copyright laws.

Additionally, you acknowledge and agree that you (and not the MSRB) are responsible for obtaining and maintaining all telecommunications, broadband, and computer hardware, equipment, software and services needed for you to access and use the Website or Services, and paying all charges related thereto.

Copyright and Trademark Rights

You may view, print and make copies of Content, subject to these Terms (including the provisions in this section below and under and in the sections below relating to data and other content provided by the MSRB's licensors). You may not, and shall not copy, reproduce, download, "screen scrape", store, transmit, broadcast, publish, modify, create a derivative work from, display, perform, distribute, redistribute, sell, license, rent, lease or otherwise use, transfer (either in printed, electronic or other format) or exploit any such Content, in whole or in part, in any way that does not comply with these Terms without our prior written permission. To request permission to use any Content other than as expressly permitted in these Terms, please write to us at: Municipal Securities Rulemaking Board, 1300 I Street NW, Suite 1000, Washington, DC 20005, Attention: Communications, or email your request to MSRBSupport@msrb.org.

You may link to the Website on your own website, provided that:

  1. you shall not display the Website (or any Content) within a frame of another website;
  2. the link displayed on your website must be a text-only link;
  3. 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 (except per the second bullet below). Further:
    • if you link to a page or to a particular document on the Website, you may reflect the URL from the Website as the link on your website.
    • However, if you name the link on your website instead of only reflecting the URL, you must name it "Municipal Securities Rulemaking Board's EMMA® website" or "Link to the Municipal Securities Rulemaking Board's EMMA® website";
  4. the look and feel of the link must not damage or dilute the goodwill associated with the MSRB's name and trademarks; and
  5. no aspect of the link may create the false impression that you or anyone else is associated with, sponsored by or otherwise endorsed by the MSRB or that any activity engaged in by you or anyone else has been approved by the MSRB.

We may revoke our consent to any such link at any time, without prior notice. If we notify you that you may no longer link to the Website, or to a page or document, you must promptly (and, in any event, within three business days) remove such link from your website.

As between us and you, all right, title and interest in and to the works of authorship and other Content contained on the Website are owned, licensed or controlled by us. Nothing contained in these Terms grants you any of the MSRB's or any third party's proprietary rights. All of the Content may be protected by copyright, trademark and other forms of proprietary rights. You may only use the Content in a manner that is consistent with the MSRB's and all third party's copyrights, trademarks and other proprietary rights.

All rights in the product names, company names, trade names, logos, service marks, trade dress, slogans, and designs used on the Website, whether or not appearing in large print or with the trademark symbol, belong exclusively to the MSRB or its licensors and are protected from reproduction, imitation, dilution, or confusing or misleading uses under national and international trademark and copyright laws. The use or misuse of these trademarks or any materials, except as permitted herein, is expressly prohibited, and nothing stated or implied that confers on you any license or right under such trademarks or materials or under any patent or trademark of the MSRB or any third party. You shall promptly notify the MSRB at MSRBSupport@msrb.org if you know or suspect that someone has infringed the MSRB's or its licensors' intellectual property.

"Municipal Securities Rulemaking Board", "Electronic Municipal Market Access", "EMMA", "MyEMMA" and "MuniEdPro" and related logos are the trademarks, service marks or trade names of Municipal Securities Rulemaking Board. (The absence of a name, logo or other mark in the preceding list does not constitute a waiver of any and all intellectual property rights that the MSRB has established in any of its products, services, programs, features, service marks, service names or logos.) Other trademarks, names or logos used on the Website are property of their respective owners. You are not authorized to use any of the foregoing.

You acknowledge that the Website is Copyright © 2017 by the Municipal Securities Rulemaking Board and that the MSRB or its licensors own the copyright in the Content under the laws of the United States and other countries, and have reserved all rights in that work, other than to licensors IP.

Copyright © 2017 Municipal Securities Rulemaking Board.

CUSIP® and SECURITIES DATAMANAGER Data

Some information available on the Website is provided by Standard & Poor's SECURITIES DATAMANAGER and CUSIP Global Services, 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 Global Services. CUSIP Global Services and the ABA assert that the CUSIP Numbers and CUSIP standard securities descriptions are and shall remain valuable intellectual property of CUSIP Global Services 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, CUSIP Global Services 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 CUSIP GLOBAL SERVICES' 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 CUSIP Global Services or any SECURITIES DATAMANAGER.

Credit Ratings

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 the 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.

Kroll Bond Rating Agency, Inc.

Copyright © 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 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

© 2017 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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 TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL MOODY'S INFORMATION DISPLAYED ON THE WEBSITE IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and 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 any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information displayed on the Website or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss 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 rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond 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

Copyright © 2017 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 (as used in this Standard & Poor's Financial Services LLC Disclaimer section, 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.

Economic Calendar

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.

Ipreo, LLC

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.

Yield Curves, Indices and Similar Data

The Website displays certain yield curves, indices and similar data (collectively, "Market Indicator Data") based on the MSRB's agreements with third party providers pursuant to which the MSRB may make them available to the public through the Website. Market Indicator Data are provided without representations or warranties and on an "as is" basis. The MSRB does not review or independently verify the accuracy, completeness, timeliness, methodology used in or other aspects of Market Indicator Data. Market Indicator Data are for general informational purposes only, and are not intended to provide, and do not constitute, investment, pricing, business or other advice.

S&P Opco, LLC

With respect to index values, indexes and similar information provided by S&P Opco, LLC ("S&P Index Values and Indices"), you agree you will not store, reproduce or further distribute the S&P Index Values and Indices to any third party for any purpose in any format or by any means, including via the Internet, Intranet or other type of network.

You acknowledge and agree that S&P Opco, LLC, its affiliates, or its licensors own the S&P Index Values and Indices, and all intellectual property rights therein, including, without limitation, any patent, trade secret, copyright, and trademark rights (whether or not such rights are registered). S&P OPCO, LLC, ITS AFFILIATES, AND THEIR RESPECTIVE THIRD PARTY LICENSORS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDEX VALUES AND/OR INDICES, INCLUDING ANY INFORMATION OR DATA CONTAINED THEREIN OR THE RESULTS OBTAINED BY THEIR USE OR THE PERFORMANCE THEREOF. NONE OF S&P OPCO, LLC, ITS AFFILIATES, OR THEIR RESPECTIVE THIRD PARTY LICENSORS GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX VALUES, INDICES OR ANY COMPONENT THEREOF OR OF ANY COMMUNICATIONS WITH RESPECT THERETO. NONE OF S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, INTERRUPTIONS, OR DELAYS IN THE INDEX VALUES OR INDICES. THE INDEX VALUES AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND USE OF THE INDEX VALUES IS AT YOUR OWN RISK.

IN NO EVENT WHATSOEVER SHALL S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS OR SHALL MSRB BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSS, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. NONE OF S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS SHALL BE LIABLE TO YOU FOR ANY CLAIMS AGAINST MSRB OR MSRB'S CUSTOMER(S) BY THIRD PARTIES.

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 the MSRB (or our contractors or agents) with any information, including but not limited to feedback, data, questions, comments or suggestions, it shall not be deemed confidential, and the MSRB shall have no obligation to keep it confidential. By submitting such information you hereby grant to the MSRB a worldwide, royalty-free, fully paid up, non-exclusive, perpetual, irrevocable, transferable and fully sublicensable license, without additional consideration to you or any third party, to copy, reproduce, store, disclose, display, distribute, redistribute, transfer, adapt, modify or otherwise use and exploit such information, in any format or media now known or hereafter developed, and for any purpose and in any manner. In furtherance and not in limitation of the preceding, the MSRB may use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever, including enhancing EMMA or otherwise developing products and services based on or containing such information. The MSRB may use aggregated and statistical data derived from Website usage. You hereby represent and warrant that you have all necessary rights to grant the preceding license. You shall not infringe, misappropriate or violate the rights of anyone else by your submission to us of any information, feedback, data, questions, comments, suggestions or the like. Moreover, in certain circumstances, in light of the MSRB's statutory obligations and role as a self-regulatory organization, the MSRB may share information provided by you with other governmental or regulatory organizations or agencies.

Disclaimers and Limitation of Liability

THE WEBSITE, CONTENT AND SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. THE MSRB EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT AND TITLE. YOUR USE OF THE WEBSITE, CONTENT AND/OR SERVICES IS AT YOUR SOLE RISK, and you shall bear all risk, related costs and liability and be responsible for your use. The MSRB assumes no responsibility for any intentional or unintentional error, omission, inaccuracy, incompleteness, unavailability, interruption, delay, slow streaming, slow downloading speed, or unauthorized access in or with respect to the Website, Content or Services or for the consequences of use thereof.

Except for claims that cannot be excluded by applicable local law, we and our affiliates, directors, officers, employees, agents, consultants, licensors and third-party providers shall not have any liability, whether in tort, contract or otherwise, to you or any third party for any reason arising out of, relating to, in connection with, or resulting from the Website, Content or Services or use of or access to the them.

THE MSRB (AND ITS LICENSORS AND THIRD PARTY PROVIDERS) WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND (WHETHER UNDER CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY), INCLUDING DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES OR FOR SECURITY OF INFORMATION YOU PROVIDED OR UNAUTHORIZED INTERCEPTION OF ANY SUCH INFORMATION BY THIRD PARTIES, EVEN IF ADVISED IN ADVANCE OF SUCH DAMAGES OR LOSSES AND WHETHER OR NOT FORESEEABLE. YOUR SOLE AND EXCLUSIVE REMEDY FOR DISSATISFACTION WITH THE WEBSITE, CONTENT OR SERVICES, IS TO STOP USING THEM. THE MAXIMUM AGGREGATE LIABILITY OF THE MSRB FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, SHALL BE THE TOTAL AMOUNT, IF ANY, PAID BY YOU TO THE MSRB TO USE THE WEBSITE. THE PRECEDING LIMITATION OF LIABILTY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.

The transaction data (including trade price information) provided on the Website is submitted to the MSRB by unrelated third parties. It may not exist for all municipal securities transactions and may not be required to be submitted for certain types of municipal securities transactions. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or reliability, and does not warrant or guarantee the accuracy, completeness, reliability or any other aspect of any such transaction data or related information.

Disclosure documents, other documents and related information (such as official statements, preliminary official statements, advance refunding documents, financial statements, material event notices and other continuing disclosure documents) provided on the Website are submitted to the MSRB by unrelated third parties, such as brokers, dealers, municipal securities dealers, banks, issuers, obligated persons and their agents. Such documents may not be required to be submitted to us for certain types of offerings and such documents may not exist for certain offerings of municipal securities. There is the possibility of failures by persons to submit documents in a timely manner or at all, or of errors or delays in the submission and/or processing of such documents by third parties 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, completeness or any other aspect of any information contained in such documents. The MSRB also does not review that a continuing disclosure document has been filed under the correct type of continuing disclosure filing category (such as the correct event filing or the correct financial filing).

In furtherance, and not in limitation, of the preceding provisions of this section, it is noted that we, our affiliates, directors, officers, employees, agents, consultants, licensors and third party providers shall not be liable or responsible to you or anyone else for any losses, liabilities, damages, costs, expenses, suits, actions, proceedings or claims caused by, arising out of, relating to or in connection with: (a) acts, omissions, occurrences or contingencies beyond our or their reasonable control, including service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside our control, including the Internet; (b) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the Content and, if any, the Services; (c) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Website, including 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; or (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, Content and/or Services.

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, Content or Services are compatible with your computer system. Further, we cannot and do not guarantee, represent or warrant that the Website, Content or Services 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, Content or Services.

Indemnification

Except to the extent prohibited under applicable law, you shall indemnify, defend and hold harmless the MSRB and its directors, officers, employees, consultants, contractors, service providers and agents from and against all suits, actions, proceedings and claims (whether threatened or actual), and all losses, liabilities, damages, judgments, costs and expenses (including reasonable attorneys' fees) arising out of, relating to or in connection with: (a) your use (or misuse) of and access to the Website, Content and/or Services; (b) any violation of these Terms by you; (c) any violation of applicable law, rule or regulation by you; (d) any claim that any information provided by you to the MSRB in connection with the Website, including the Content, caused damage to, infringed upon, misappropriated or otherwise violated the rights of a third party, including infringement, misappropriation or other violation of third-party intellectual property rights, or violation of any right of privacy; and/or (e) any dispute that you have with any third party relating to or in connection with the Website, Content and/or Services. The MSRB reserves the right, at its own cost, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will fully cooperate with the MSRB in asserting any available defenses and in the conduct of such defense.

Leaving the Website; Links to Other Sites

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, have no control over and do not review the content at any other website. We make no guarantees, representations or warranties as to any content or material or any other aspects of any other website, including websites that may be reached by links on the Website. A link to a third-party website does not imply sponsorship, approval, affiliation or endorsement by the MSRB of the linked third party website or of that third party's products or services. Your use of links to third party websites at your own risk, and the MSRB shall not be responsible or liable, directly or indirectly, for any damage or loss cause or alleged to have been caused by, relate to or in connection with use of or reliance on any third-party websites, or content or goods/services available on or through any third-party website(s). Third-party websites typically have their own terms, conditions, agreements, requirements or the like relating to their access and use, and you would be subject to those of that website once you go on it.

Modification of the Website

At any time and in the MSRB's sole discretion, the MSRB may (in whole or in part) modify, suspend or discontinue the Website, Content or Services without notice, for any reason. We shall have no liability to you or to any third party for any modification, suspension or discontinuance.

Changes to these Terms

We may revise these Terms from time to time, without prior notice. 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. Your access to or use of the Website acknowledges that you read, understand and accept these Terms and conclusively shall constitute your agreement to be bound by them, and your continued access or use after the posting of a revised version of these Terms conclusively shall constitute your acceptance of and agreement to it as revised. 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

The remedies available to the MSRB in these Terms are cumulative and in addition to any others available to the MSRB. The MSRB may seek all remedies available to it at law and in equity for any violation of these Terms. The MSRB may suspend, terminate or block your access to the Website (in whole or in part) for any violation or suspected violation as we determine, without notice to you. Your violation of these Terms shall be considered a breach of contract.

We may investigate suspected violations of these Terms. In addition, we shall be allowed to cooperate with: (a) law enforcement authorities in the investigation of suspected criminal violations; (b) financial regulators, including the U.S. Securities and Exchange Commission; (c) system administrators at Internet service providers, networks or computing facilities; and (d) licensors and/or third-party vendors in order to enforce these Terms. You consent that such cooperation may include providing information relating to you and/or your use of the Website, including without limitation email address, IP address or other identifying information, to law enforcement authorities, financial regulators, third-party licensors, vendors or system administrators. Further, we may disclose any information we think necessary to comply with all applicable law, regulation, subpoena or other legal process or governmental or regulatory request.

Governing Law; Submission to Jurisdiction

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. You agree that any action arising out of, relating to or in connection with the Website, Content, Services, and/or these Terms shall be brought in a court of competent jurisdiction located in Washington, DC, and you further irrevocably submit to the exclusive jurisdiction of such court and waive any objection to jurisdiction and venue (including on the basis of forum non-conveniens).

You acknowledge that any breach of any of the section above titled "Use Restrictions" or "Copyright and Trademark Rights" would cause immediate and irreparable harm to the MSRB for which monetary damages would not adequately compensate and that, in addition to all other remedies available at law or in equity, the MSRB shall be entitled to injunctive relief without proof of damages or the posting of bond or other security in the event of such a breach or threatened breach.

Complete Agreement; Survival; Severability; Assignment; Headings; Interpretation

These Terms, together with the Privacy Policy and, if applicable, the MyEMMA Terms of Use, constitute the entire agreement between you and us relating to your use of the Website and Content and, if any, Services. Provisions of these Terms which by their nature should survive termination of your access to our use of Website (or any Content or Services) shall survive, including this sentence and Sections titled "Use Restrictions", "Copyright and Trademark Rights", "Indemnification", "Disclaimers and Limitation of Liability" and "Governing Law".

If any provision of these Terms shall for any reason be invalid or unenforceable, the remaining provisions of these Terms shall be interpreted 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 preceding paragraph, some U.S. states and foreign countries may provide rights in addition to those provided in the above "Disclaimers 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 in whole or in part or there may be state or country specific provisions that superseded such limitations in whole or in part. 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.

You may not assign or transfer these Terms, or assign, transfer or sublicense any or all of your rights or obligations under these Terms, and any attempted assignment, transfer or sublicense shall be null and void.

Any heading or section title contained herein is for convenience of reference only and shall not affect the meaning or interpretation of these Terms. The terms "include" and "including" are deemed to include the phrase "without limitation" immediately thereafter.