What is EMMA?

EMMA is a centralized on-line site to find key information about municipal securities, free of charge. The information on EMMA is presented in a manner specifically tailored for retail, non-professional investors who may not be experts in financial or investing matters. EMMA makes available official statements for most new offerings of municipal bonds, notes, 529 college savings plans and other municipal securities since 1990. EMMA also provides real-time access to prices at which bonds and notes are sold to or bought from customers, as well as prices paid in inter-dealer transactions, for most trades occurring on or after January 31, 2005. In addition, issuers sometimes issue new bonds to establish escrows to pay-off existing bonds (usually to refinance their debt at a lower interest rate), and EMMA provides access to advance refunding documents that set out the details of these escrow arrangements.

Search EMMA for information about bonds, notes and 529 college savings plans

Learn more about municipal securities, official statements, advance refunding documents and transaction prices in EMMA's Education Center

What is the MSRB?

EMMA is brought to you by the Municipal Securities Rulemaking Board, or MSRB the federal regulator of broker-dealers and banks marketing, trading and underwriting municipal bonds, notes and other securities issued by state and local governments. The MSRB promotes investor protection through prudent regulation and expert market leadership. The MSRB collaborates with the Securities and Exchange Commission, Financial Industry Regulatory Authority, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the United States Department of the Treasury's Office of the Comptroller of the Currency and Office of Thrift Supervision, all of which enforce compliance by brokers, dealers and banks with MSRB rules.

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Why is EMMA a Pilot?

This pilot EMMA site represents the first step toward the development of a free comprehensive on-line source for key information about municipal bonds, notes and other securities issued by state and local governments. EMMA is a work in progress, with both the functionalities available on-line and the quality of the information provided to the public expected to evolve over time. As a pilot, the MSRB seeks feedback from users on how this site can better serve investors and the general public.

Read more about the EMMA Pilot and plans for future expansion
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