What is the role of EMMA in the municipal market?

• A. EMMA provides free public access to data on Official Statements, continuing disclosures, and trade information.
• B. EMMA is a private database requiring paid subscription.
• C. EMMA handles only issuer financial statements, not disclosures.
• D. EMMA is an app for retail investors to trade securities.

Answer: (B)

EMMA, or Electronic Municipal Market Access, is the free, public data system the MSRB uses to bring transparency to the municipal market. It hosts official statements for new bond issues, continuing disclosures filed by issuers, and trade information for municipal securities, all accessible at no cost to investors and market participants. It’s not a paid private database, nor a trading app; its purpose is to provide readily available documents and trade data so investors can evaluate issues and monitor ongoing disclosures.