The Electronic Municipal Market Access website, or EMMA®, is the official repository for information on virtually all municipal securities. EMMA
provides free public access to official disclosures, trade data, credit ratings and other resources and tools for understanding the municipal securities
market. 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. The Municipal Securities Rulemaking Board (MSRB) operates the EMMA website under authority granted by the U.S. Securities
and Exchange Commission (SEC).
What is EMMA?
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
Browse for municipal securities information by issuer
Find information on 529 college savings plans and ABLE programs
Get help with using EMMA
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
What Documents and Data Are Available on EMMA?
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 college savings plans, ABLE programs and other municipal securities issued since 1990. EMMA also
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.
All of the documents and data on EMMA are accessible in an integrated display for each municipal security. For more information about finding documents
and data on EMMA, go to the EMMA Help page.
Who Operates EMMA?
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.
Read more about the MSRB
Contact the MSRB