WASHINGTON — Individual investors looking for free information on their municipal bonds, have a new online resource through the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.
The Electronic Municipal Market Access (www.emma.msrb.org) will serve as a portal for all key information produced by municipal bond issuers about their bonds including documents, real-time trade prices and education resources.
Currently, municipal securities investors must locate bond information at one of the four Nationally Recognized Municipal Securities Information Repositories, where they have to pay fees to retrieve the information, according to the SEC.
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"With liquidity problems of municipal auction rate securities and rating downgrades of municipal bond insurers contributing to the current credit crisis, the disclosure and transparency of the municipal markets have never been more critical," said SEC Chairman Christopher Cox.
The commission and the MSRB are working together to bring more transparency for investors. According to the SEC, two-thirds of the securities owned in the $2.6 trillion municipal market are owned by individual investors. Unlike investors in corporate securities who have direct access to free company information through the SEC's EDGAR system, average investors in municipal securities currently had no free access to the municipal bonds in which they invest, the SEC said.
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