Putting EMMA to Work for You
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1 Putting EMMA to Work for You Justin Pica, Director of Product Management Municipal Securities Rulemaking Board North Carolina Government Finance Officers Association Summer Conference July 21, 2014
2 Presentation Outline Overview of the MSRB and EMMA EMMA Tools for Issuers Understanding and Complying with Financial Disclosure Obligations Submitting Voluntary Disclosures to EMMA Resources Municipal Securities Rulemaking Board 1
3 Overview of the MSRB and EMMA
4 About the MSRB A self-regulatory organization created by Congress in 1975 Protects investors and issuers of municipal securities Promotes a fair and efficient municipal market Municipal Securities Rulemaking Board 3
5 How the MSRB Fulfills its Mission Regulates municipal securities dealers and municipal advisors Operates market transparency systems including the EMMA website Conducts education, outreach and market leadership Municipal Securities Rulemaking Board 4
6 The EMMA Website emma.msrb.org Launched by the MSRB in 2008 Serves as official, free and public source of trade data and disclosure information on virtually all municipal securities Provides a platform for issuers to communicate with investors Municipal Securities Rulemaking Board 5
7 Information Available on EMMA Official Statements Trade Prices and Yields Ongoing Financial Disclosures Event Notices Advance Refunding Documents Credit Ratings Variable Rate Securities Information Interest rate resets Credit enhancement documents Market Statistics New issuance Trade statistics Disclosure statistics 529 Plan Disclosure Political contribution disclosure Municipal Securities Rulemaking Board 6
8 Navigating EMMA Browse for information by: Issuer Security CUSIP View realtime market data Municipal Securities Rulemaking Board 7
9 Price Discovery Tool New EMMA feature aims to enhance municipal market price transparency Municipal Securities Rulemaking Board 8
10 Price Discovery Tool (cont.) Users can easily compare trade prices of securities with similar characteristics Side-by-side comparison Trade Price Graph Municipal Securities Rulemaking Board 9
11 Enhanced Trade Data Display See daily high and low price for individual securities Visualize historical trading trends for every security Municipal Securities Rulemaking Board 10
12 EMMA Tools for Issuers
13 Issuer Homepages 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 Municipal Securities Rulemaking Board 12
14 Issuer Homepage Features Listing of bond issues Trade activity Pre-sale documents Official statements Financial and event disclosures Refunding escrows Municipal Securities Rulemaking Board 13
15 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 alert when new issue is added to an issuer homepage Municipal Securities Rulemaking Board 14
16 Sign Up for Reminders Issuers can schedule automated s 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 Municipal Securities Rulemaking Board 15
17 Export Trade Data 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 Municipal Securities Rulemaking Board 16
18 MSRB Support MSRB provides personal phone appointments and webinars to assist with: Setting up an organization account Customizing your issuer homepage Signing up for reminders MSRB Support Municipal Securities Rulemaking Board 17
19 Understanding and Complying with Financial Disclosure Obligations
20 The Disclosure Framework Securities Exchange Act of 1934 Prohibits fraudulent, inaccurate or misleading information in disclosures to investors Material information may not be omitted SEC Rule 15c2-12 Financial and Operational Information Event Notices Continuing Disclosure Agreements When, how and for which parties disclosures are to be provided Municipal Securities Rulemaking Board 19
21 Improving Municipal Financial Disclosure SEC s July 2012 report on the municipal securities market highlighted issue of inadequate disclosure Municipalities Continuing Disclosure Cooperation (MCDC) Initiative Voluntary SEC program (March 2014) Encourages issuers and underwriters to self-report disclosure violations Reduced sanctions if violations reported before enforcement investigation uncovers them Municipal Securities Rulemaking Board 20
22 Improving Municipal Financial Disclosure (continued) Recent SEC securities fraud charges State of Illinois: Inadequate pension disclosures Harrisburg, PA: Misleading statements made outside of its securities disclosure documents Victorville, CA: Inflated property valuations of security for bonds South Miami: Failure to disclose threats to tax-exempt eligibility City of Miami: False and misleading statements West Clark Community Schools, IN: False statements and noncompliance with continuing disclosure obligations Wenatchee, WA: Inaccuracies in the primary disclosure document resulting in $20,000 fine; first time SEC assessed financial penalties against an issuer Municipal Securities Rulemaking Board 21
23 MSRB Market Transparency Advisory Types of information issuers must publicly disclose under SEC Rule 15c2-12 for various types of offerings How to use EMMA to make these disclosures Benefits of timely and complete disclosures for issuers and investors alike msrb.org/rules-and-interpretations/regulatory- Notices/2013/ aspx Municipal Securities Rulemaking Board 22
24 Submitting Disclosures EMMA Dataport Municipal Securities Rulemaking Board 23
25 Submitting Voluntary Disclosures Issuers may provide additional information to market participants on a voluntary basis via EMMA including: Pre-sale information such as preliminary official statements or investor and rating agency presentations Information about the timing of and accounting standard used to prepare annual financials Investor website address Information about bank loans Municipal Securities Rulemaking Board 24
26 Resources
27 Coming Soon: MSRB Education Center Single location for free educational resources on the municipal market Organizes videos, fact sheets and resources for issuers about: Process of issuing municipal bonds Using EMMA to monitor securities Disclosing information to investors Municipal Securities Rulemaking Board 26
28 Getting Started 1. Set up an organization account Streamline disclosure submission process Customize Issuer Homepage Access EMMA Trade Monitor 2. Sign up for financial disclosure reminders Ensure anyone responsible for timely filing receives an automated reminder Keep track of filing deadlines dataport.emma.msrb.org/aboutdataport.aspx Municipal Securities Rulemaking Board 27
29 Contact the MSRB MSRB Online msrb.org emma.msrb.org MSRB Updates Subscribe at msrb.org MSRB Support Hours of Operation: 7:30 a.m. - 6:30 p.m. ET MSRBsupport@msrb.org Follow the MSRB on Municipal Securities Rulemaking Board 28
30 Putting EMMA to Work for You Justin Pica, Director of Product Management Municipal Securities Rulemaking Board North Carolina Government Finance Officers Association Summer Conference July 21, 2014
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