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In an effort to improve EMMA® for the issuer community, the Municipal Securities Rulemaking Board (MSRB) has provided a more streamlined and efficient user experience for issuers seeking to customize their issuer homepages. An issuer homepage enables issuers to enhance the display of their municipal securities information on EMMA®.
Changes to EMMA's issuer homepages allow issuers and obligated persons to:
- Give agents permission to create and manage issuer homepages on their behalf;
- Add additional contact information to customized issuer homepages; and
- Attach CUSIPs more intuitively to associate their bond issues to their unique issuer home page.
Additionally, changes to the continuing disclosure submission process:
- Enable agents that submit on behalf of multiple organizations to view submissions by organization; and
- Extend the list of recent continuing disclosure submissions up to one year.
To assist issuers in learning about the changes, the MSRB has updated the following resources:
 Customizing an EMMA® Issuer Homepage
Discover the value of maintaining a custom EMMA® issuer homepage.
Q: Why customize an issuer homepage?
A: An issuer homepage enables issuers to enhance the display of their municipal securities information on EMMA®. Creating a custom homepage can help issuers more effectively communicate with investors and monitor information about their bond issues.
Read the fact sheet.
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 How to Set Up an Organization Account
Follow the steps for establishing an organization account as an issuer or obligated person.
Q: What is an organization account?
A: An organization account enables users to manage all disclosure submission activities made by any user in a single organization. Organization accounts are required to customize an issuer homepage.
Read the fact sheet.
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 Changes are coming in February 2019 to the municipal securities disclosure rule, Securities and Exchange Commission (SEC) Rule 15c2-12. Amendments, which are being implemented to add transparency to the municipal securities market, increase the amount of information that is publicly disclosed about material financial obligations incurred by issuers.
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The compliance date for these changes to the SEC rule and the related updates to EMMA® to accept additional information is February 27, 2019. Read the full SEC approval order here.
Amended SEC Rule 15c2-12 includes two new event notices:
- Incurrence of a financial obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the obligated person, any of which affect security holders, if material; and
- Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the obligated person, any of which reflect financial difficulties.
To support issuer awareness and understanding of both the rule and technical changes to the EMMA® submission process, the MSRB will provide updated educational resources about Rule 15c2-12 and issuers’ disclosure obligations, and host an educational webinar in January 2019 in coordination with the SEC, Government Finance Officers Association (GFOA) and National Association of Bond Lawyers (NABL).
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Give us a call at 202-838-1330 or drop a line to MSRBsupport@msrb.org. We provide live telephone customer support on weekdays from 7:30 a.m. to 6:30 p.m. Eastern Time (ET) and email help from 7:00 a.m. to 7:00 p.m. ET. MSRB Support is equipped to answer a broad range of questions and can connect stakeholders to the appropriate subject-matter experts.
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Understanding the components of negotiated and competitive sales of municipal securities is fundamental for municipal market issuers. The MSRB offers online courses that can help issuers identify the components of the different sales processes for pricing municipal bonds in the primary market. Learn about both sales methods with MuniEdPro®.
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For more information, contact Ritta McLaughlin, Chief Education Officer, at rmclaughlin@msrb.org or 202-838-1306.
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The MSRB has updated infographics depicting the variety of professionals involved in negotiated and competitive municipal bond financing transactions. As a municipal securities issuer, keep these infographics handy as you consider the role and regulatory obligations of all parties involved in your transaction.
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It's Your Deal is a quarterly resource guide published by the MSRB to provide objective and useful information to state and local governments that issue municipal bonds. As part of its mission to protect municipal bond issuers, the MSRB regulates municipal advisors and municipal securities dealers, operates the Electronic Municipal Market Access (EMMA®) website, and offers free educational resources in the MSRB Education Center.
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