The SEC announced this week that EMMA (electronic municipal market access system) will be the central depository for all muni bond-related disclosure documents. Access to EMMA will be free to all investors at the website of the Municipal Securities Rulmaking Board. The board has been running a trial version since March. Issuers will be required to file with EMMA starting July 1, 2009. EMMA will replace a voluntary system of nationally recognized municipal security information repositories called NRMSIR and data providers Standard & Poor's,Bloomberg and others that provided some muni documentation for a fee.
You can read more about the SEC rules at the SEC Website. A good article that provides backgound on the EMMA depository appeared in The Bond Buyer on December 7th under the title "SEC OKs EMMA as NRMSIR." The Bond Buyer is available through Factiva and LexisNexis.
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