Major Developments in the Municipal Bond Markets for Small Investors

The Securities and Exchange Commission is set to require municipal bond insurers to file market disclosures with a new Electronic Municipal Market Access (affectionately known as “EMMA”) system. This will provide individuals who invest in municipal bonds – an enormous market that serves as the backbone of many communities by providing funding for schools, roads, hospitals, bridges, and more – access to information that is often difficult and costly to locate. It’s considered by many to be a major step forward in market transparency and disclosure by leveling the playing field between huge institutions and mom-and-pop investors.

According to The Bond Buyer, Emma “will be free to submit and access documents … but the board will offer paid subscriptions for a real-time feed of information filed to the system.”