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The EMMA website is funded and operated by the Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization charged by Congress with promoting a fair and efficient municipal securities market. EMMA is designated by the U. S. Securities and Exchange Commission as the official source for municipal securities data and disclosure documents. The website provides free public access to objective municipal market information and interactive tools for investors, municipal entities and others. EMMA supports municipal market transparency but is not a platform for buying or selling bonds.
The EMMA website was established to increase the transparency of the municipal securities market by providing free public access to municipal securities disclosures and data. EMMA provides investors, state and local governments and other market participants with key information and tools to put that information into context. EMMA is an award-winning website, recognized by the National Federation of Municipal Analysts and the National Association of State Treasurers' State Debt Management Network.
Learn more about the municipal securities market, primary and secondary market disclosures, advance refunding and other types of documents, as well as trade prices and other related data, in the MSRB Education Center
The SEC designated the EMMA website as the official repository for municipal securities disclosures in 2009. EMMA houses hundreds of thousands of municipal disclosure documents that provide information for investors about municipal securities. These include offering documents, called official statements, for most new offerings of municipal bonds, notes, 529 savings plans, ABLE programs and other municipal securities issued since 1990. EMMA also provides access to advance refunding documents, which detail arrangements made when new bonds are issued to establish escrows to pay off existing bonds (usually to refinance the old debt at a lower interest rate). Also available are continuing disclosure documents that describe material information throughout the life of a bond and must be provided by municipal bond issuers. Additional disclosures that are voluntarily provided by issuers may be available for some bonds.
EMMA also provides market transparency data, which includes real-time prices and yields at which bonds and notes are bought and sold, for most trades occurring on or after January 31, 2005. Interest rates for municipal securities, including those for auction rate securities and variable rate demand obligations, can be found on EMMA as well. Municipal market-wide trends and data are available in the market statistics section.
EMMA also provides free public access to market-wide information, including third-party yield curves and indices, a calendar of upcoming municipal offerings scheduled to come to market and daily statistics on trading patterns. For more information about finding documents and data on EMMA, go to the EMMA Help page.
EMMA is a service of the MSRB, a self-regulatory organization whose mission is to protect investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its the EMMA website.
The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the SEC. The MSRB collaborates with the SEC, Financial Industry Regulatory Authority, Federal Deposit Insurance Corporation, Federal Reserve System, and Office of the Comptroller of the Currency, all of which enforce compliance with MSRB rules among brokers, dealers, municipal advisors and banks. Learn more about the many governmental, non-profit and private sector sources from which to obtain additional online information about municipal securities.