emma® for municipal advisors · 12/9/2013 · presentation outline •overview of the msrb and...

EMMA® for Municipal Advisors

Municipal Securities Rulemaking Board

December 9, 2013

Municipal Securities Rulemaking Board 2

MSRB Presenters

• Ritta McLaughlin, Chief Education Officer

• Justin Pica, Director of Product Management

• Leah Szarek, Communications Manager


Presentation Outline

• Overview of the MSRB and EMMA®

• Putting EMMA® to Work for You

• Supporting Your Issuer Clients with EMMA®


About the MSRB

• A self-regulatory organization created by Congress in 1975

• Promotes a fair and efficient municipal market

• Protects investors and issuers of municipal securities

Municipal Securities Rulemaking Board 5 Municipal Securities Rulemaking Board 5

• Regulating municipal securities dealers and

municipal advisors

• Engaging in education, outreach and market

leadership

• Operating market transparency systems including

the EMMA® website

How the MSRB Fulfills its Mission


• Securities Exchange Act of 1934

– Section (b)(5) of SEC Rule 15c2-12

• Requires underwriters to:

– Receive, review and disseminate official statements

– Obtain continuing disclosure agreements from issuers and

other obligated persons

• Requires broker-dealers to have access to continuing

disclosure to make recommendations of municipal

securities in the secondary market

•

Market Transparency Framework


• SEC Rule 15c2-12 designated the MSRB’s EMMA®

as the official repository for municipal market

disclosures in 2009

– Replaced Nationally Recognized Municipal

Securities Information Repositories (NRMSIRs)

• SEC Rule 15c2-12 establishes issuers’ obligations

to submit disclosures to EMMA®

• MSRB Rule G-32 outlines underwriters’ obligations

to submit trade data and disclosures to EMMA®

•

EMMA® and Market Transparency


The EMMA® Website

• The MSRB’s Electronic Municipal

Market Access (EMMA®) website

– Official repository for trade data and

disclosure information on virtually all

municipal bonds

– Provides free public access to

municipal market information

emma.msrb.org

Putting EMMA® to Work for You


Information Available on EMMA®

• Official Statements

• Trade Prices and Yields

• Ongoing Financial Disclosures

• Advance Refunding

Documents

• Event Notices

• Credit Ratings

• Variable Rate Securities

Information

– Interest rate resets

– Credit enhancement

documents

• Market Statistics

• 529 Plan Disclosure

Documents


How Municipal Advisors Can Use

EMMA®

• Getting to Know Your Issuer

• Conducting Market Research

• Tracking Municipal Securities Issues

• Supporting Your Clients


Getting to Know Your Issuer

• Use EMMA® Quick Search to locate information about

issuers by CUSIP or issuer name


Getting to Know Your Issuer

• Issuer Details

– View all issues of a single issuer

• Issue Details

– Access official statement and disclosure documents for an issue

• Security Details

– CUSIP-driven

– View trade data, disclosures and ratings


Conducting Market Research

• Use EMMA®

Advanced Search

to find comparable

securities

• Filter by:

– Security

characteristics

– Trading activity

– Available

disclosures



• EMMA® also

provides information

on 529 college

savings plans

– Plan disclosure

documents

– Financial statements

– Other ongoing

disclosures



• View municipal market

data and trends in

EMMA®’s Market

Statistics section

– New Issuance Data

– Trade Statistics

– Disclosure Statistics

• emma.msrb.org/Market

Activity/ViewStatistics

http://emma.msrb.org/MarketActivity/ViewStatistics.aspx






Tracking Municipal Securities Issues

• View real-time ticker of most recent data and disclosures

in EMMA®’s Market Activity section

– Recent trades

– Variable rate demand

obligations data

– Auction rate securities data

– Refunding information

– Official statements

– Preliminary official statements

– Recent financial disclosures

– Recent event filings

– Political contribution disclosures



• Sign up for MyEMMA

– Free alerts when new information becomes available on

EMMA for a particular security or group of securities

o Disclosure documents

o Trading activity

– Customized Advanced Search tools

o Saved searches

o Search a particular group of securities



• Get started with MyEMMA

Supporting Your Clients


How Issuers Can Use EMMA

• Comply with Financial Disclosure Obligations

• Provide Information to Investors

• Monitor Outstanding Issues


Sign Up for Email Reminders

• Issuers can schedule automated

emails from EMMA® to be reminded of

approaching annual or quarterly

financial disclosure filing deadlines

• Include additional contacts to ensure

all those responsible for disclosures

are alerted


Issuer Homepages


• Pilot! EMMA® Issuer Homepages display issuer

information in a single location

− Geographic search

− More intuitive access to

information on issuers

for EMMA® users

− emma.msrb.org/

IssuerHomePage

http://emma.msrb.org/IssuerHomePage





Issuer Homepage Features

• Listing of bond issues

• Trade activity

• Pre-sale documents

• Official statements

• Financial and event

disclosures

• Refunding escrows


Manage Issuer Homepages

• Customize and consolidate issuer information in a

single location on EMMA®

− Customize plain-English name of issuer and bond issues

− Edit issue list, contact information and website links

− Minimal annual maintenance needed – receive email

alert when new issue is added to Issuer Homepage


• Use EMMA Trade Monitor to

export trade data from EMMA® to

a desktop application

– Analyze the prices, yield and amount

of secondary market trade activity of

municipal bonds

– Support evaluation of pricing for new

issues

– Access with an organization account

Export Trade Data


Set Up an Organization Account

• Organization Account

– Creates single continuing disclosure submission account for

all staff of an issuer

– Allows master account administrator to securely and

independently manage staff access

– Required to customize Issuer Homepage

– Required to export data with Trade Monitor

dataport.emma.msrb.org/AboutDataport.aspx

http://dataport.emma.msrb.org/AboutDataport.aspx


MSRB Support

• MSRB provides personal phone

appointments and webinars to assist with:

– Setting up an organization account

– Signing up for email reminders

– Customizing an issuer homepage

MSRB Support: 703-797-6668

Hours of Operation:

7:30 a.m. - 6:30 p.m. ET

[email protected]

mailto:[email protected]

Questions & Answers


Contact the MSRB

MSRB Online

msrb.org

emma.msrb.org

MSRB Support

703-797-6668 [email protected]

Upcoming Events

msrb.org/Home/News-and-

Events/Upcoming-Events

MSRB Email Updates

– Subscribe at msrb.org

Follow the MSRB on Twitter

@MSRB_News

http://www.msrb.org/

http://emma.msrb.org/

mailto:[email protected]

http://www.msrb.org/Home/News-and-Events/Upcoming-Events.aspx







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