The MSRB will host an educational webinar on May 7, 2013 about using MyEMMA, a free tool that provides customized access to municipal securities information available on the EMMA website.

The MSRB will make available new videos on submitting trade and other data to the MSRB.

Beginning July 1, 2013, the MSRB's EMMA website will display additional disclosures related to contributions made by municipal securities dealers to bond ballot measure campaigns.

Highlight of the Month

Continuing Disclosure Monthly Statistics Now Available on EMMA

To provide more transparency about documents used by municipal securities issuers to communicate with investors, the MSRB now provides on its Electronic Municipal Market Access (EMMA®) website statistics on the number and type of disclosure filings that issuers make available throughout the life of a bond.

The ability to view the volume of submissions of continuing disclosure documents over time enables investors and other municipal market participants to identify trends in issuer disclosure. The continuing disclosure statistics are displayed in an easy-to-use interface by month and type of disclosure.

Learn more.

New and Noteworthy

Political Contribution Disclosures Now on EMMA

The MSRB's electronic library of political contribution disclosures made by municipal securities dealers is now available on the EMMA website. These documents are available under the Political Contributions tab in EMMA's "Market Activity" section.

Disclosures submitted to the MSRB by dealers in connection with contributions to governmental issuer officials, state and local political parties and bond ballot campaigns help investors and others assess any financial relationships and potential conflicts of interest between dealers and the issuers with which they are doing business.

EMMA Market Statistics

Number of Continuing Disclosure Submissions Continues to Increase

Based on new continuing disclosures statistics disseminated on EMMA, the number of documents submitted in the first quarter of 2013 increased 11.5 percent over the first quarter of 2012 to 43,650, the highest quarterly volume since the MSRB became the official repository for continuing disclosure information in July 2009. For the first quarter of 2013, approximately 60 percent, or 26,186, of all submitted continuing disclosure documents were for financial disclosures and 39 percent, or 17,464 documents, were for event disclosures. Audited financial statements, or CAFRs (Comprehensive Annual Financial Report), accounted for 40 percent of all financial disclosures, while bond calls accounted for 60 percent of all event disclosures in the first quarter of 2013.

For more information or other statistics on municipal trading activity, continuing disclosures or variable rate resets, visit the MSRB’s EMMA website.

Regulatory Roundup

MSRB to Require Dealers to Disclose More Information Regarding Contributions to Bond Ballot Campaigns
(April 1, 2013)

MSRB Answers Frequently Asked Questions about Expanded Duties of Underwriters to State and Local Governments
(March 25, 2013)

MSRB Requests Comment on Revision to Suitability Rule (March 11, 2013)