Which statement about Official Statements and MSRB filings is true?

• A. The firm must keep Official Statements on file
• B. The underwriter files a copy of the Official Statement with the MSRB, and it is posted on EMMA
• C. Official Statements must be filed with the SEC
• D. Official Statements are confidential

Answer: (B)

The concept being tested is how Official Statements are disclosed to investors in the municipal market. The true statement is that the underwriter files a copy of the Official Statement with the MSRB, and it is posted on EMMA for public access. This ensures transparency and gives investors a central, searchable place to view the official disclosures related to a new issue. Official Statements are public documents and are not confidential, and they are not filed with the SEC as the primary repository—the MSRB and EMMA fulfill that role. While firms may keep their own copies for records, the key requirement that the question highlights is the filing with the MSRB and posting on EMMA.