EMMA provides public access to which combination of resources?

• A. Official statements
• B. Continuing disclosure
• C. Trade data
• D. All of the above

Answer: (D)

EMMA (Electronic Municipal Market Access) is the MSRB’s free public database that brings together the main materials investors need about municipal securities. It provides public access to official statements, continuing disclosure, and trade data. Official statements are the issuer’s primary offering documents, filed at issuance to describe the bond issue. Continuing disclosure consists of ongoing information the issuer promises to provide to keep investors informed after the issue, such as annual financials or material events. Trade data shows actual trades, including prices and yields, giving insight into market activity.

Because EMMA includes all three types—the offering documents, the ongoing disclosures, and the recorded trades—the complete set of resources available to the public covers official statements, continuing disclosure, and trade data. That’s why all of the above is the best answer.