Prior to July 1, 2009, a Nationally Recognized Municipal Securities Information Repository (NRMSIR) was an entity, designated by the Securities and Exchange Commission, to which an issuer of municipal securities or an obligated person that entered into a continuing disclosure agreement was contractually required to send annual financial information and disclosures of certain events relating to a municipal security.

Since July 1, 2009, municipal security continuing disclosure information is required to be sent to the Municipal Securities Rulemaking Board (MSRB), through its Electronic Municipal Market Access (EMMA®) website. EMMA provides free public access to municipal securities documents and data. Get access to:

Information about Specific Municipal Securities

• Official statements (the prospectus for a municipal bond)
• Financial disclosure documents from the issuer of the bond
• Other ongoing disclosure documents about events affecting the bond
• Credit ratings information for rated bonds
• Trade prices, yields and other data about a bond’s trading history
• Information about 529 savings plans and ABLE programs

Market-Wide Information

• Yield curves and indices from third-party providers
• Calendar of municipal securities scheduled to be offered
• Calendar of upcoming economic reports and events that may have an impact on the municipal bond market
• Market statistics about overall trading patterns and most active securities
• Political contribution disclosures

Note that many issuers maintain websites or webpages specifically for investors in their municipal bonds. Some issuers hyperlink to those webpages from their homepage on EMMA. Learn how to find issuer homepages on EMMA.

The SEC designated EMMA as the official repository for municipal securities disclosures in 2009. The SEC oversees the MSRB. The MSRB is 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. Neither the SEC nor the MSRB review the disclosure documents prior to their posting on EMMA.

Learn more about how to use EMMA by visiting EMMA Help. Also, the MSRB welcomes questions about how to locate municipal bond disclosures, including older ones that pre-date EMMA’s launch in 2009. Use their Contact Form. For EMMA updates, sign up for EMMA updates via MSRB communications and follow the MSRB on Twitter (@MSRBNews) and LinkedIn