THE MSRB'S ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) SYSTEM
EMMA, the Electronic Municipal Market Access system, is a website that provides free information about individual municipal securities, including disclosure documents and trade price data. EMMA was created by the Municipal Securities Rulemaking Board, and approved by the Securities and Exchange Commission, to provide a central and accessible location where investors can obtain municipal bond information.
What does this mean for Issuers?
- As of July 1, 2009, continuing disclosures, such as annual financial information and material event notices, must be electronically filed at a single location, the Electronic Municipal Market Access (EMMA) system. Further, beginning January 1, 2010, all submissions are required to be in searchable PDF format, or they will not be accepted.
- The rule change does not place additional disclosure obligations on issuers, agents or obligated persons; it merely changes the submission process.
- There are no costs associated with EMMA filings.
- Submissions to EMMA will satisfy submission obligations to multiple NRMSIRs and it will no longer be necessary to file with the NRMSIRs.
- Issuers/obligors should check with their disclosure or bond counsel if they have questions.
The general Emma Website can be found here
Detailed Registration and Filing instructions for Oregon may be found here
Detailed Registration and Filing instructions for Washington may be found here
Detailed Registration and Filing instructions for Idaho may be found here
Answers to your general filing questions can be found here
GENERAL CONTINUING DISCLOSURE INFORMATION
You may be required to file annual Continuing Disclosure information on your bonds.
- The Securities and Exchange Commission (SEC) requires most municipal bond issuers to make disclosures about their bonds after the date of issuance for the life of the bond issue. This requirement includes annual financial and operating information and certain "material events."
- The annual filing deadline and financial and operating information you are required to file are listed in the bond transcript that was supplied by your bond counsel. You will have different continuing disclosure filing requirements and deadlines for each bond issue.
- SNW recommends keeping a record of all filings, and enlisting your auditor's help in keeping track of filings by including a statement in either the footnotes or the statistical section of your audited financial statement each year.
Do not forget that if any one of the 11 "material events" that are listed in your Continuing Disclosure Certificate occurs, you must file a notice in a timely manner with the Municipal Securities Rulemaking Board. Material events include changes in credit ratings, bond calls and failure to pay debt service, among others, and use the same cover sheet for your annual filings. Should you have any questions, please feel free to call either your bond counsel or your SNW representative for assistance.
