This issue of municipal securities is in the "New Issue Disclosure Period" under the rules of the MSRB. What this means is that the municipal issuer of these securities has recently issued, or is in the process of issuing, these municipal securities. The New Issue Disclosure Period begins with the start of marketing of this new issue of securities by the broker-dealer or bank that is underwriting these securities for the issuer and ends 25 days after all of the securities in the new issue have been issued.

During the New Issue Disclosure Period, the underwriter of the securities is required by MSRB rules to submit any amendments or updates to the official statement made by the issuer to the MSRB. Any such amendments received by the MSRB will be posted on EMMA together with the original official statement. EMMA users should always read the official statement in conjunction with any amendment since the information in the amendment may materially alter the information that was originally provided in the official statement. Failure to review an amendment may result in an incomplete understanding of your security. EMMA offers an alert service that will let you know if this official statement has been amended during the New Issue Disclosure Period.

Learn more about official statements

After the New Issue Disclosure Period lapses, underwriters are no longer required to provide amendments to the official statement to the MSRB. Material developments regarding a municipal security or the issuer of such securities occuring after the end of the New Issue Disclosure Period generally will not be disclosed in amendments to the official statement. If your security has been advance refunded, an advance refunding document for the security may be available through EMMA. Other types of after-market disclosures will often be subject to the continuing disclosure obligations established by the Securities and Exchange Commission under its rules.

Learn more about advance refunding documents