What is EMMA’s role in ongoing issuer disclosure monitoring?

• A. It audits issuer disclosures quarterly.
• B. It aggregates and makes issuer disclosure data accessible to the public and market participants
• C. It enforces penalties for late filings
• D. It approves official statements before issuance

Answer: (B)

EMMA serves as the central public database for municipal securities disclosures. It aggregates issuer disclosure filings and makes them accessible to investors and market participants, enabling ongoing monitoring of issuer disclosures. Through EMMA, continuing disclosures—such as annual financial information and event notices—are collected and posted, so anyone can review an issuer’s current compliance status. EMMA does not audit disclosures, does not enforce penalties for late filings, and does not approve official statements before issuance. Those duties lie with the issuer, underwriter, and the appropriate regulators. The strength of EMMA is that it provides a single, searchable source of disclosure data for the market.