Academic:
An individual (faculty, staff or student) who uses EMMA (for non-commercial activities) in connection with conducting research in, or to support academic activities related to, the municipal securities market.
Broker-Dealer:
A professional who uses EMMA in connection with trading municipal securities for the account of a broker-dealer/municipal securities dealer, including a broker's broker, and/or selling and buying municipal securities to/from customers.
Data Vendor:
A data vendor, information service provider or other professional that uses EMMA in connection with redistributing or repackaging, in whole or in part, MSRB data or services.
Institutional Investor:
A professional investor (any person or entity with total assets of at least $50 million, including a bank, savings and loan association, insurance company, investment adviser, registered investment company or other pooled investment vehicle) who uses EMMA to obtain information about the municipal securities market.
Investor:
An individual who is not otherwise a professional user and that uses EMMA for his/her personal use to obtain knowledge about the municipal securities market.
Issuer or Obligated Person:
A representative of a state or local government entity, or a party having an obligation to make payments on municipal securities, who uses EMMA to manage or facilitate disclosure and/or payment obligations related to a municipal security.
Media:
A professional who uses EMMA to obtain information on the municipal securities market in connection with researching or reporting news, or other journalistic activities.
Municipal Advisor:
A professional who uses EMMA in connection with providing advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products, including advice on the timing, structure and/or pricing of offerings, or in undertaking a solicitation of a municipal entity.
Other Professional:
A professional who uses EMMA in the conduct of its business not otherwise described above. Examples include professionals at a non-broker-dealer alternative trading system, regulator, law firm or disclosure agent/submitter.