Which statements are TRUE about EMMA and related systems?

• A. I and III
• B. I and IV
• C. II and III
• D. II and IV

Answer: (A)

EMMA is the MSRB’s central, publicly accessible system for municipal securities information. Its main purpose is to promote transparency by disseminating official statements and trade/quote data so investors and markets can see timely, reliable details about offerings and trading activity.

The correct interpretation here centers on two true aspects: first, EMMA publishes official statements and trade data to the public, making important disclosures readily accessible; second, broker-dealers are required to report municipal securities trades to EMMA within mandated timeframes so the data appears promptly for users. These features—public disclosure and timely broker reporting—are core to EMMA’s function.

The other statements in questions like this often describe restricted access or misstate how broad the data coverage is; those points do not align with EMMA’s role as a public, disclosure-driven platform.