Electronic Municipal Market Access
- Electronic Municipal Market Access
The Electronic Municipal Market Access (EMMA) system, launched by the Municipal Securities Rulemaking Board (MSRB) in March 2008 as a pilot system, provides free on-line access to centralized municipal securities disclosure documents (known as official statements), escrow deposit agreements for advance refundings (i.e., refinancings) of outstanding bonds, and real-time municipal bond trade price information, together with investor education materials. EMMA is located at http://emma.msrb.org.
The MSRB[ [http://www.msrb.org/msrb1/archive/2008/2008-33.asp MSRB Notice 2008-33] ] and Securities and Exchange Commission (SEC)][ [http://www.sec.gov/rules/proposed/2008/34-58255.pdf SEC Release 34-58255] ] have recently proposed to expand EMMA's disclosure function to include secondary market information provided by municipal issuers in connection with their outstanding issues of municipal securities. Public access to the integrated collection of primary market and secondary market disclosure provided through EMMA would parallel the centralized disclosure currently available for securities offerings by public companies through the SEC's EDGAR system. The information available through EMMA for municipal securities is not identical to the information available through EDGAR for registered offerings since municipal securities and their governmental issuers are afforded broad exemptions from most provisions of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers of corporate and other types of securities.]References
External links
* http://emma.msrb.org
* http://www.msrb.org
* http://www.sec.gov/edgar.shtml
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