Series 50: Underwriters Submit Information To MSRB Via EMMA

Underwriters Submit Information to MSRB via EMMA

The EMMA website is an electronic database operated by the MSRB that provides free public access to official disclosure documents and trade data associated with municipal bonds. EMMA requires much the same information as the New Issue Information Dissemination Service (NIIDS). Where NIIDS supplies information to the depository agency, EMMA provides information to the general public.

Underwriters must provide information to EMMA via Form G-32, no later than the Time of First Execution. For primary offerings able to submit information to NIIDS, the underwriter must submit all Form G-32 information to both EMMA and NIIDS. Information must be submitted at the same time for both systems: no later than two hours after the Time of Formal Award, that is, two hours after pricing is finalized.

The underwriter must also submit the final official statement (FOS) to EMMA. Submission must be made within one business day of receiving the FOS from the issuer (but no later than the closing date). If by the closing date the underwriter has not yet received the official statement, the u