MSRB allows municipal bond issuers new disclosure options on EMMA

By Susanna Moon

Chicago, May 23 - The Municipal Securities Rulemaking Board said that municipal securities issuers may now submit pre-sale documents for new bond issues on the MSRB's Electronic Municipal Market Access system.

Issuers may also post information about the timing and accounting standard used to prepare annual financials, which helps investors know when to expect statements on EMMA.

The changes allow issuers to provide key documents to investors at the early stages of a bond offering and additional continuing disclosure information about existing bonds, according to an MSRB press release.

Bond pre-sale documents describe a proposed new issue before pricing.

"We hope issuers will take advantage of this significant increase in their disclosure capabilities," MSRB executive director Lynnette Kelly Hotchkiss said in the release. "EMMA can be used by issuers as a powerful tool to communicate key information about themselves to investors and other market participants."

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