Municipal securities dealers must register with the MSRB and comply with all relevant rules governing their market activities.

Primary Market Submissions

MSRB rules require municipal bond underwriters to provide electronic primary market documents and related information to the MSRB. Primary market documents include official statements and advance refunding documents.

The MSRB provides online training for the following primary market submissions to EMMA®:
Submitting Primary Market Disclosures for a New Issue
Adding to or Removing Securities from a Primary Market Submission<
Adding to or Removing an Issue or a Series from a Primary Market Submission
Submitting and Archiving an Official Statement Document
Submitting Remarketing Data and Information
Submitting an Advance Refunding
Submitting a Security Ineligible for CUSIP Assignment
Submitting Commercial Paper for a Primary Offering

FAQs About Primary Market Submission (PDF)
Manual for Primary Market Submission (PDF)

SHORT Submissions

MSRB rules require dealers participating in the market for municipal securities bearing interest at short-term rates to provide documents that describe auction procedures, in the case of Auction Rate Securities (ARS), and documents describing liquidity facilities, in the case of Variable Rate Demand Obligations (VRDO).

The MSRB provides online training for variable rate securities submissions to EMMA®:
Submitting Variable Rate Securities Documents
Manual for SHORT submissions (PDF)

529 College Savings Plan Submissions

MSRB rules require municipal securities dealers serving as underwriters (including those who act as primary distributors) for 529 college savings plans to submit information to the MSRB using Form G-45, and to submit disclosure documents and subsequent plan amendments for display on the MSRB's EMMA system.

Form G-45 Manual and Specifications for 529 College Savings Plan Submissions (PDF)
Manual for 529 College Savings Plan Disclosure Submissions (PDF)

Political Contribution Disclosure Submissions

Municipal securities dealers that underwrite municipal bonds and municipal advisors must submit information to the MSRB on their municipal securities and municipal advisory business and related political contributions to officials of municipal entities, state and local political parties, and bond ballot campaigns. Political contribution information is to be provided for the regulated entity, its municipal finance professionals and municipal advisor professionals, non- MFP and non-MAP executive officers, as well as political action committees controlled by the regulated entity or their municipal finance professionals or municipal advisor professionals.

Political Contribution Disclosure Submissions Handbook (PDF)

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Municipal advisors must register with the MSRB and comply with all relevant rules governing their market activities.

Political Contribution Disclosure Submissions

Municipal securities dealers that underwrite municipal bonds and municipal advisors must submit information to the MSRB on their municipal securities and municipal advisory business and related political contributions to officials of municipal entities, state and local political parties, and bond ballot campaigns. Political contribution information is to be provided for the regulated entity, its municipal finance professionals and municipal advisor professionals, non-MFP and non-MAP executive officers, as well as political action committees controlled by the regulated entity or their municipal finance professionals or municipal advisor professionals.

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Municipal issuers provide disclosures about their bonds through the MSRB's EMMA website.

Continuing Disclosure Submissions

Continuing disclosure submissions include event-based and financial disclosures pursuant to continuing disclosure undertakings entered into and consistent with Exchange Act Rule 15c2-12, as well as other continuing disclosure documents concerning municipal securities. The MSRB accepts disclosures for asset-backed securities under SEC Rule 15Ga-1. Voluntary disclosures, including disclosure of Bank loans and alternative financings, the timing in which annual financial statements will be disclosed on EMMA, the accounting method by which the annual financial statements are prepared, and a URL link that provides access to additional financial information, are also submitted for posting on the EMMA website.

The MSRB provides online training for the following continuing disclosure submissions to EMMA:
Submitting Financial Disclosures
Submitting Event-Based Disclosures
Creating and Controlling Groups of Securities

FAQs About Continuing Disclosure Submission (PDF)
Manual for Continuing Disclosure Submission (PDF)

Preliminary Official Statements and Voluntary Primary Market Submissions

Voluntary submissions of primary market documents, which include preliminary official statements, official statements, and pre-sale documents, can be submitted to the MSRB for posting on the EMMA website.

Manual for Voluntary Submissions by Issuers and Obligated Persons

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Obligated persons submit documents and related information similar to issuers.

Continuing Disclosure Submissions

Continuing disclosure submissions include event-based and financial disclosures which are submitted to the MSRB and posted on the EMMA website. Voluntary disclosures, including disclosure of Bank loans and alternative financings, the timing in which annual financial statements will be disclosed on EMMA, the accounting method by which the annual financial statements are prepared, and a URL link that provides access to additional financial information, are also submitted for posting on the EMMA website.

The MSRB provides online training for the following continuing disclosure submissions to EMMA:
Submitting Financial Disclosures
Submitting Event-Based Disclosures
Creating and Controlling Groups of Securities

FAQs About Continuing Disclosure Submission (PDF)
Manual for Continuing Disclosure Submission (PDF)
Manual for Voluntary Submissions by Issuers and Obligated Persons

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