EMMA® for Municipal Advisors · 12/9/2013 · Presentation Outline •Overview of the MSRB and...
Transcript of EMMA® for Municipal Advisors · 12/9/2013 · Presentation Outline •Overview of the MSRB and...
EMMA® for Municipal Advisors
Municipal Securities Rulemaking Board
December 9, 2013
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MSRB Presenters
• Ritta McLaughlin, Chief Education Officer
• Justin Pica, Director of Product Management
• Leah Szarek, Communications Manager
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Presentation Outline
• Overview of the MSRB and EMMA®
• Putting EMMA® to Work for You
• Supporting Your Issuer Clients with EMMA®
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About the MSRB
• A self-regulatory organization created by Congress in 1975
• Promotes a fair and efficient municipal market
• Protects investors and issuers of municipal securities
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• Regulating municipal securities dealers and
municipal advisors
• Engaging in education, outreach and market
leadership
• Operating market transparency systems including
the EMMA® website
How the MSRB Fulfills its Mission
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• Securities Exchange Act of 1934
– Section (b)(5) of SEC Rule 15c2-12
• Requires underwriters to:
– Receive, review and disseminate official statements
– Obtain continuing disclosure agreements from issuers and
other obligated persons
• Requires broker-dealers to have access to continuing
disclosure to make recommendations of municipal
securities in the secondary market
•
Market Transparency Framework
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• SEC Rule 15c2-12 designated the MSRB’s EMMA®
as the official repository for municipal market
disclosures in 2009
– Replaced Nationally Recognized Municipal
Securities Information Repositories (NRMSIRs)
• SEC Rule 15c2-12 establishes issuers’ obligations
to submit disclosures to EMMA®
• MSRB Rule G-32 outlines underwriters’ obligations
to submit trade data and disclosures to EMMA®
•
EMMA® and Market Transparency
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The EMMA® Website
• The MSRB’s Electronic Municipal
Market Access (EMMA®) website
– Official repository for trade data and
disclosure information on virtually all
municipal bonds
– Provides free public access to
municipal market information
emma.msrb.org
Putting EMMA® to Work for You
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Information Available on EMMA®
• Official Statements
• Trade Prices and Yields
• Ongoing Financial Disclosures
• Advance Refunding
Documents
• Event Notices
• Credit Ratings
• Variable Rate Securities
Information
– Interest rate resets
– Credit enhancement
documents
• Market Statistics
• 529 Plan Disclosure
Documents
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How Municipal Advisors Can Use
EMMA®
• Getting to Know Your Issuer
• Conducting Market Research
• Tracking Municipal Securities Issues
• Supporting Your Clients
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Getting to Know Your Issuer
• Use EMMA® Quick Search to locate information about
issuers by CUSIP or issuer name
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Getting to Know Your Issuer
• Issuer Details
– View all issues of a single issuer
• Issue Details
– Access official statement and disclosure documents for an issue
• Security Details
– CUSIP-driven
– View trade data, disclosures and ratings
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Conducting Market Research
• Use EMMA®
Advanced Search
to find comparable
securities
• Filter by:
– Security
characteristics
– Trading activity
– Available
disclosures
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Conducting Market Research
• EMMA® also
provides information
on 529 college
savings plans
– Plan disclosure
documents
– Financial statements
– Other ongoing
disclosures
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Conducting Market Research
• View municipal market
data and trends in
EMMA®’s Market
Statistics section
– New Issuance Data
– Trade Statistics
– Disclosure Statistics
• emma.msrb.org/Market
Activity/ViewStatistics
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Tracking Municipal Securities Issues
• View real-time ticker of most recent data and disclosures
in EMMA®’s Market Activity section
– Recent trades
– Variable rate demand
obligations data
– Auction rate securities data
– Refunding information
– Official statements
– Preliminary official statements
– Recent financial disclosures
– Recent event filings
– Political contribution disclosures
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Tracking Municipal Securities Issues
• Sign up for MyEMMA
– Free alerts when new information becomes available on
EMMA for a particular security or group of securities
o Disclosure documents
o Trading activity
– Customized Advanced Search tools
o Saved searches
o Search a particular group of securities
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Tracking Municipal Securities Issues
• Get started with MyEMMA
Supporting Your Clients
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How Issuers Can Use EMMA
• Comply with Financial Disclosure Obligations
• Provide Information to Investors
• Monitor Outstanding Issues
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Sign Up for Email Reminders
• Issuers can schedule automated
emails from EMMA® to be reminded of
approaching annual or quarterly
financial disclosure filing deadlines
• Include additional contacts to ensure
all those responsible for disclosures
are alerted
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Issuer Homepages
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• Pilot! EMMA® Issuer Homepages display issuer
information in a single location
− Geographic search
− More intuitive access to
information on issuers
for EMMA® users
− emma.msrb.org/
IssuerHomePage
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Issuer Homepage Features
• Listing of bond issues
• Trade activity
• Pre-sale documents
• Official statements
• Financial and event
disclosures
• Refunding escrows
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Manage Issuer Homepages
• Customize and consolidate issuer information in a
single location on EMMA®
− Customize plain-English name of issuer and bond issues
− Edit issue list, contact information and website links
− Minimal annual maintenance needed – receive email
alert when new issue is added to Issuer Homepage
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• Use EMMA Trade Monitor to
export trade data from EMMA® to
a desktop application
– Analyze the prices, yield and amount
of secondary market trade activity of
municipal bonds
– Support evaluation of pricing for new
issues
– Access with an organization account
Export Trade Data
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Set Up an Organization Account
• Organization Account
– Creates single continuing disclosure submission account for
all staff of an issuer
– Allows master account administrator to securely and
independently manage staff access
– Required to customize Issuer Homepage
– Required to export data with Trade Monitor
dataport.emma.msrb.org/AboutDataport.aspx
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MSRB Support
• MSRB provides personal phone
appointments and webinars to assist with:
– Setting up an organization account
– Signing up for email reminders
– Customizing an issuer homepage
MSRB Support: 703-797-6668
Hours of Operation:
7:30 a.m. - 6:30 p.m. ET
Questions & Answers
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Contact the MSRB
MSRB Online
msrb.org
emma.msrb.org
MSRB Support
703-797-6668 [email protected]
Upcoming Events
msrb.org/Home/News-and-
Events/Upcoming-Events
MSRB Email Updates
– Subscribe at msrb.org
Follow the MSRB on Twitter
@MSRB_News