EMMA to provide one-stop shopping for bond info

The SEC has designated the Municipal Securities Rulemaking Board’s electronic municipal market access system — or EMMA — as the sole repository in which issuers must file necessary disclosures.
DEC 08, 2008
The SEC has designated the Municipal Securities Rulemaking Board’s electronic municipal market access system — or EMMA — as the sole repository in which issuers must file necessary disclosures. "For the first time, millions of individual investors in municipal bonds will have free and instant access to information about their investments, similar to the way they can obtain information about public companies," Securities and Exchange Commission Chairman Christopher Cox said in a statement released today. “With liquidity problems of municipal auction rate securities and rating downgrades of municipal bond insurers contributing to the current credit crisis, the disclosure and transparency of the municipal markets have never been more critical.” The SEC had amended a disclosure rule making EMMA the sole nationally recognized municipal securities information repository, beginning July 1. Members of the SEC approved the rule change unanimously. Presently, dealers are unable to underwrite most municipal securities unless the issuers have agreed to file financial documents and notices of material events with other nationally recognized municipal securities information repositories. However, not all issuers have been disclosing their documents to all of the repositories, and their paperwork often has been inconsistently labeled and maintained. That has made it difficult for broker-dealers and investors to check the issuers’ disclosures.

Latest News

Captrust adds $1.25B Pennsylvania firm in latest push into private wealth
Captrust adds $1.25B Pennsylvania firm in latest push into private wealth

The top-ranked RIA by total AUM continues to scale its wealth management arm, bringing its Pennsylvania presence to five offices.

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Frustrated former advisor launches AI-powered CRM with $8B RIA client
Frustrated former advisor launches AI-powered CRM with $8B RIA client

Chicago Partners Wealth Advisors is helping shape the platform's product roadmap after switching from a legacy system.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline