Electronic Municipal Market Access (EMMA) Law and Legal Definition

Electronic Municipal Market Access (EMMA) system, operated by the Municipal Securities Rulemaking Board (MSRB), serves as the official source for municipal securities disclosures and related market data. EMMA's disclosure collection operates in coordination with the MSRB's investor protection rules mandating that securities firms and banks selling municipal securities to customers provide them with complete disclosure of all important information about the investment. Public access to the integrated collection of primary market and secondary market disclosure provided through EMMA parallels the centralized disclosure currently available for securities offerings by public companies through the Securities and Exchange Commission(SEC)'s Electronic Data-Gathering, Analysis, and Retrieval (EDGAR) system. However, EMMA provides additional items of information beyond the base disclosures provided by EDGAR, such as trade prices, interest rates, market statistics and educational materials.