The Municipal Securities Rulemaking Board (MSRB) recently released its annual Continuing Disclosure Statistical Summary, analyzing three years of disclosure documents submitted to the MSRB through its Electronic Municipal Market Access (EMMA) system. EMMA became the centralized, official repository for municipal security disclosure documents on July 1, 2009. Since then, it has received a total of 396,091 disclosure documents.

Highlights of the report include:

  • Of the 396,091 disclosure documents received between July 2009 and June 2012, 124,206 were submitted in the first 12 months, 132,842 were submitted in the second 12 months, and 139,043 were submitted in the third 12 months.
  • On a monthly basis, the report shows “fairly steady increases in most types of continuing disclosures submitted to the MSRB.”
  • Approximately 53 percent of the total documents were for event disclosures, and 47 percent were for financial and operating reporting disclosure documents.
  • The State of California and its municipalities accounted for 12 percent of all disclosure filings for the three-year period. Texas, Florida, New York, and Pennsylvania comprised the other states in the top five for disclosure document submissions.

The full report is available on the MSRB website.