EMMA Dataport Manual for 529
College Savings Plan Disclosure
Submissions
Version 1.0
June 2010
Revision History
Version
1.0
Date
June 2010
Major Changes
Initial version.
TABLE OF CONTENTS
1.0 Preface........................................................................................................................... 6 Other Resources .............................................................................................................. 6 Contact Information ........................................................................................................ 7 2.0 Logging In for Submission to EMMA Dataport........................................................... 8 2.1 Log In from the EMMA Home Page ........................................................................ 8 2.2 Log In from the MSRB Home Page ......................................................................... 8 2.3 Logging into MSRB Gateway .................................................................................. 9 3.0 Making a Primary Market Submission ....................................................................... 10 3.1 Search for 529 College Savings Plan...................................................................... 10 3.2 Add New 529 College Savings Plan....................................................................... 12 3.3 Uploading the Document ........................................................................................ 13 4.0 Publishing a Submission ............................................................................................. 15 5.0 Submission Confirmation ........................................................................................... 16 5.1 Submission ID......................................................................................................... 16 5.2 Print/Preview........................................................................................................... 16 5.3 Email Confirmation ................................................................................................ 17 6.0 Making a Continuing Disclosure Submission............................................................. 17 6.1 Submitting an Annual or Periodic Filing ................................................................ 18 Selecting the Document Type................................................................................... 18 Associating Issues or Securities to the Disclosure.................................................... 19 Associating Contacts to the Disclosure..................................................................... 20 6.2 Uploading the Document ........................................................................................ 21 6.3 Publishing the Disclosure ....................................................................................... 22 Appendix 1........................................................................................................................ 24 Access to MSRB Gateway for Primary Market Submissions .......................................... 24 Access to MSRB Gateway............................................................................................ 24 User Types and Privileges in MSRB Gateway ............................................................. 24 Master Account Administrator ................................................................................. 24 Account Administrator.............................................................................................. 25 Users ......................................................................................................................... 25 Primary Market Agent .............................................................................................. 25 Group Account Administrator .................................................................................. 25 Global Account Administrator.................................................................................. 25 Accessing Account and Company Management .......................................................... 26 Appendix 2........................................................................................................................ 30 Registration and Confirmation for Continuing Disclosure Submission ........................... 30 Registration and Confirmation Overview..................................................................... 30 Municipal Securities Issuer, Obligor, and Secondary Market Agent ....................... 30 Dealer........................................................................................................................ 30 Primary Market Agent .............................................................................................. 30 Issuer and Continuing Disclosure Registration and Confirmation – Self-Directed...... 31 Registration Process...................................................................................................... 31 Confirmation Process.................................................................................................... 34 Electronic Confirmation Process .................................................................................. 34 Manual Confirmation Process....................................................................................... 36 Issuer and Secondary Market Agent Registration and Confirmation – By Email
Invitation ....................................................................................................................... 38 Responding to an Invitation to Register........................................................................ 38 Responding to an Invitation to Confirm Another User................................................. 39 Sending an Invitation .................................................................................................... 40 Starting/Reinitiating the Confirmation Process ............................................................ 41 Continuing Disclosure Account Management – View/Update Account Information .. 42 View/Update Continuing Disclosure Roles .................................................................. 43 View/Update Organization-Level Information............................................................. 44 Continuing Disclosure Submission Registration by Primary Distributor and Primary
Market Agent ................................................................................................................ 45 Granting Continuing Disclosure Submission Account Access Rights – Primary
Distributor and Agent for Primary Market Submissions .............................................. 45 1.0 Preface
The Electronic Municipal Market Access System, or EMMA, is a facility of the
Municipal Securities Rulemaking Board (“MSRB”). EMMA is a comprehensive source
that provides public investors with access to information about municipal securities,
including 529 college savings plans. The MSRB supports market information
transparency programs that improve public access to material information about
municipal securities issuers, their securities and the prices at which those securities trade.
These programs include:
•
The Primary Market Disclosure Program, which receives and makes publicly
available municipal securities official statements, advance refunding documents and
529 college savings plan disclosure documents, and related primary market
documents and information;
The Continuing Disclosure Program, which receives and makes publicly available
continuing disclosure documents from municipal securities issuers, obligated persons
and their agents
The EMMA website, accessible without charge through web browsers, displays official
statements, refunding information, information about short-term securities and prices of
municipal securities trades, 529 college savings plan disclosure documents and
supplements, as well as annual financial reports and other continuing disclosure
documents. EMMA also features search capabilities for finding information about a
specific bond or 529 college savings plan and provides investor education material.
EMMA is accessible at www.emma.msrb.org
This manual describes the process for submitting 529 college savings plan primary
market and continuing disclosures to EMMA. Submissions of these plan disclosures are
made at no charge to the submitter through either a web-based electronic submission
interface or an automated submission through an authenticated computer-to computer
data connection. EMMA makes 529 college savings plan disclosure documents and
continuing disclosures available to the public, at no charge, on the Internet through the
EMMA website.
The MSRB Primary Market Submission Service receives submissions, under MSRB Rule
G-32, of disclosures in connection with primary offerings. The MSRB Continuing
Disclosure Submission Service receives submissions of continuing disclosure documents,
together with related indexing information pursuant to Securities Exchange Act Rule
15c2-12.
Other Resources
MSRB Website: www.msrb.org
EMMA Website: www.emma.msrb.org
6
Contact Information
MSRB Market Information Department
(703) 797-6668
Hours of operation: 7:30 AM - 6:30 PM
MarketInformation@msrb.org
Municipal Securities Rulemaking Board
1900 Duke Street
Suite 600
Alexandria, VA 22314
Tel: (703) 797-6600
Fax: (703) 797-6700
7
2.0 Logging In for Submission to EMMA Dataport
All submitters to the MSRB Primary Market and Continuing Disclosure Submission
Services must be registered in MSRB Gateway, a single, secure access point for making
submissions to EMMA. Each user must also accept the terms and conditions for making
submissions. Appendix 1 provides information on establishing a Gateway account for
primary market submissions and Appendix 2 provides information on establishing a
Gateway account for continuing disclosure submissions.
To make a 529 college savings plan disclosure and document submission for primary
market or continuing disclosure, the first step is to log into MSRB Gateway. This can be
done on either the EMMA home page or the MSRB home page.
2.1 Log In from the EMMA Home Page
From the EMMA home page (emma.msrb.org) select the “EMMA Dataport” tab at the
top of the page.
2.2 Log In from the MSRB Home Page
From the MSRB home page (www.msrb.org) select “Login.”
8
2.3 Logging into MSRB Gateway
From the MSRB Gateway landing page, enter your User ID and Password, and select
“Login.”
From the MSRB Gateway Main Menu, select the “EMMA Dataport” option under the
“Market Information Systems” heading. The EMMA Dataport Submission Screen will
appear.
9
3.0 Making a Primary Market Submission
To submit a new plan disclosure document or a supplement to an existing plan disclosure
document, select the “Create/Update” link next to the 529 College Savings Plan entry on the
Primary Market Submission Screen.
3.1 Search for 529 College Savings Plan
Select the state that issued the 529 college savings plan.
10
Select State
and click
on arrow.
A list of 529 plan descriptions for the selected state will appear. If a 529 college savings
plan exists for the selected state, the 529 plan description is listed.
To update an existing 529 plan description, click on the plan description or click
“Modify.”
If a plan description for the selected state is not listed, select “Add New Plan” to submit a
new plan description.
The plan description screen is pre-populated with information made from prior 529 plan
submissions. If the plan description is incorrect, change the plan description information.
The Submission Status: Published indicates the 529 college savings plan has previously
been published and can be viewed on the EMMA Public Portal.
The closing date must be submitted to complete submission. Since 529 college savings
plans are sold through a continuous offering and do not have a specific closing date as do
other municipal securities, the closing date represents the date the 529 college savings
plan is first sold to an investor.
11
3.2 Add New 529 College Savings Plan
If a state has not previously submitted a plan disclosure document to EMMA, a message
will indicate that no plans were found. To submit a new 529 college savings plan
disclosure document for a selected state, click “Add New Plan.”
When adding a new 529 college savings plan, the plan description and the closing date
are required for complete submission.
The plan description describes the type of 529 college savings plan. It is important to
describe the plan accurately, since this information will appear on the public web portal
and will inform investors about the plan. Since 529 college savings plans are sold through
a continuous offering and do not have a specific closing date as other municipal securities
do, the closing date represents the date the 529 college savings plan is first sold to an
investor.
12
Since this is a new plan submission, the following notation will appear on your screen:
“Submission Status: Not Published,” which indicates that the 529 college savings plan
disclosure document has not been published and cannot be viewed on EMMA.
3.3 Uploading the Document
Select the Document tab to add a 529 college savings plan disclosure document or a 529
college savings plan disclosure document supplement. Both a new plan disclosure
document and a supplement are entered by clicking on “Add Parent Document.”
Documents on this screen are displayed with the most recently submitted at the top. To
change the order in which documents appear on display - for example, to display a
particular 529 college savings plan Disclosure Document at the top of the list - click the
arrow to move the document up or down on the screen.
Select document type as a MFS (Municipal Fund Security) Disclosure Document or a
MFS (Municipal Fund Security) Disclosure Document Supplement.
Enter the Document Effective Date. The Effective Date is the date on which the 529
college savings plan disclosure document or supplement takes effect or the effective date
of the document being filed.
13
Choose
Document
Type
Enter
Document
Effective Date
There are certain constraints on documents that can be uploaded into EMMA. Each plan
disclosure document must be a portable document format (PDF) file configured to be
saved, viewed, printed and retransmitted by electronic means. The document must also be
word-searchable, that is, allowing the user to search for specific terms used within the
document through a search or find function available in most standard software packages.
Diagrams, images and other non-textual elements are not required to be word-searchable.
If the submitted file is a reproduction of the original document, the submitted file must
maintain the graphical and textual integrity of the original document.
14
As shown in the illustration above, use the “Browse” button to select the file on your
computer. Select the “Open” button, then select “Upload” to transfer the file to EMMA.
It is important that prior to and subsequent to submission, the submitter review each page
of the PDF to ensure that it is clear, readable, and word-searchable. Then select
“Publish.” EMMA shows that the document has been uploaded by displaying the
document name on the left side of the screen.
4.0 Publishing a Submission
The uploaded document is not yet available to the public. You must select “Publish” to
disclose the document. This is a two-step process. Select the red “Publish” button. The
following screen appears, which allows you to preview all the information you are about
to publish.
If any information on the Preview screen needs to be changed, use the “Back” button
until you reach the screen where the data was input. Once all information is correct,
select the “Publish” button a second time. The following screen appears.
You may resume editing the document by selecting “NO: Edit Submission” or publish it
by selecting “YES: Publish.”
15
5.0 Submission Confirmation
5.1 Submission ID
When publishing a submission, a confirmation email will be sent to the submitter and a
confirmation screen appears. The confirmation screen provides the submission
identification, or “SUBMITTER ID,” the Print/ Preview option, the option to start a new
submission, and the ability to send a confirmation email to a second email address.
The submission ID is a unique identifier for each primary market submission. The
submission id can be used to make additional updates related to the submission.
5.2 Print/Preview
The confirmation screen offers the choice to Print/Preview the submission, which causes
the following to display. It shows all published disclosure and document information that
has been submitted.
This screen provides a complete listing of information about the 529 college savings plan
provided on the EMMA public portal, the submission ID, and the date and time of
submission for recordkeeping purposes. Submitters are advised to print and save a copy
of this screen.
16
5.3 Email Confirmation
Upon publication, an electronic confirmation email is sent to the submitter. An example
follows. The email confirmation contains a link to the public portal and a link to make
changes to the submission.
6.0 Making a Continuing Disclosure Submission
As with primary market submissions, a submitter must register through Gateway in order
to make continuing disclosure submissions. Appendix 2 provides information on the
Gateway registration process for continuing disclosures. The Continuing Disclosure
Submission screen, shown below, appears immediately after you log in. Select the green
“Create” button to start a submission.
Begin by selecting the type of continuing disclosure you will submit: either an
annual/operating filing or event filing (this manual assumes you are submitting a
Financial/Operating Filing; an Event Filing is very similar). Select the blue “Next”
button to proceed.
17
6.1 Submitting an Annual or Periodic Filing
Selecting the Document Type
To submit an annual or periodic filing, select the disclosure type, as shown below. You
may select multiple types of disclosure. An annual or periodic filing may be made
pursuant to SEC Rule 15c2-12, or may be made in addition or voluntarily.
Enter the document title or other descriptive information in the free-text box labeled
“Description” to provide additional details about the contents of the disclosure. Below the
free text box, enter the period covered by the disclosure. All dates, including the “year
ended,” must be in the format mm/dd/yyyy. You may type the date or select a date from
the calendar next to the date field. Both the text and date fields will appear in the EMMA
public website in connection with the uploaded document.
18
Associating Issues or Securities to the Disclosure
Next you need to associate issues or securities to the disclosure. Select 529 college
savings plan.
Search for the state that you are associating to the submission, and then select the plan
description(s) that you are associating to the submission.
19
Associating Contacts to the Disclosure
A submitter may provide contact information of persons whom the public can ask for
further information. After the issues or securities are selected, the following screen
appears:
You can enter new issuer contact information, obligor contact information, or both. An
obligor is the party having an obligation with respect to the payment of debt service on
bonds, typically but not always the borrower of bond proceeds. Note: the obligor might
not be applicable to issuers of 529 college savings plans. You must enter the contact’s
name and either the phone number or e-mail address. The pull-down menus also enable
you to select among contacts you have previously associated with any one of the 529
college savings plans in the current submission. If you do not enter issuer or obligor
contact information, then EMMA will display the submitter’s information.
20
Note that the contacts you enter will not be visible to other submitters. Each submitter
must enter its own contact information.
6.2 Uploading the Document
When your security and issue selections have been made, select “Next.” The document
upload screen will appear.
There are certain constraints on documents that can be uploaded into EMMA. Each
continuing disclosure document must be a portable document format (PDF) file
configured to be saved, viewed, printed and retransmitted by electronic means. The
21
document must also be word-searchable, that is, allowing the user to search for specific
terms used within the document through a search or find function available in most
standard software packages. Diagrams, images and other non-textual elements are not
required to be word-searchable. If the submitted file is a reproduction of the original
document, the submitted file must maintain the graphical and textual integrity of the
original document.
Use the “Browse” button to select the file on your computer. Select the “Open” button,
then select “Upload” to transfer the file to EMMA. It is important that prior to and
subsequent to submission, the submitter review each page of the PDF to ensure that it is
clear, readable, and word-searchable.
EMMA shows that the document has been uploaded by displaying the document name on
the left side of the screen.
6.3 Publishing the Disclosure
The uploaded document is not yet disclosed to the public. You must select “publish” to
disclose the document. This is a two-step process. Select the red “Publish” button. The
following screen appears, which allows you to preview all the information you are about
to publish.
22
If any information on the Preview screen needs to be changed, use the “Back” button
until you reach the screen where the data was input. Once all information is correct,
select the “Publish” button a second time. The following screen appears.
You may resume editing the document by selecting “NO: Edit Submission” or publish it
by selecting “YES: Publish.” When you publish a submission, a confirmation email will
be sent to the submitter and the following confirmation screen appears.
The confirmation screen gives the submitter a submission ID, as well as a chance to send
a duplicate confirmation email by selecting the link and entering a separate email address.
This screen also gives the submitter a print/preview screen to allow the submitter to view
their published submission. The submitter should select the print/preview tab to retain a
hard-copy record of the submission.
23
Appendix 1
Access to MSRB Gateway for Primary Market
Submissions
Access to MSRB Gateway
Submitters of 529 college savings plan disclosure documents and supplements must have
an account in MSRB Gateway, which provides centralized and secure access to all
MSRB applications.
The MSRB assigns a master MSRB Gateway account to each dealer (primary distributor)
to be administered by the Primary G-40 Contact. Primary G-40 Contacts or the Master
Account Administrator can appoint other Account Administrators, create and manage
user accounts, and provide group functionality.
Primary distributors and primary market agents are provided a user ID, password, and
EMMA primary market submission rights from the Master Account Administrator. Third
parties that support primary distributors, such as financial printers, can become
designated primary market agents through the Master Account Administrator.
If you do not know the identity of the Master Account Administrator or an Account
Administrator at your company, access the View Account Administrators menu option
from the MSRB Gateway Main Menu or call the Market Information Department at
(703)797-6668.
User Types and Privileges in MSRB Gateway
Each user in the MSRB Gateway is assigned one of the roles described below. To view
your role, log into MSRB Gateway and view the “My Profile” box located in the upper
right corner of MSRB Gateway main menu.
Master Account Administrator
According to MSRB Rule G-40 on electronic mail contacts, each broker, dealer, or
municipal securities dealer must appoint a Primary G-40 Contact who is a registered
municipal securities principal. Each company’s Primary G-40 Contact will automatically
be assigned the role of Master Account Administrator. For organizations other than
dealer organizations, the role of Primary G-40 Contact is not applicable; however, the
organization needs to identify a Master Account Administrator on behalf of their
organization and inform the MSRB of the identity.
The Master Account Administrator has the authority to appoint Account Administrators,
add new user accounts, disable user accounts, and modify profile information and access
rights for the company’s accounts. It is the Master Account Administrator’s
responsibility to ensure that all user accounts are kept current. There is only one Master
Account Administrator for each company. The Master Account Administrator may also
24
have access to certain company-level MSRB Forms or functions that are not available to
any other users for that company.
Account Administrator
The Master Account Administrator may appoint one or more Account Administrators to
assist with the account management duties detailed above. The Account Administrator
has the authority to add new user accounts, disable user accounts, and modify profile
information and access rights for their particular company. There may be more than one
Account Administrator per company.
Users
All users can edit their account profile information, which includes e-mail address,
company address and phone number. Each user is responsible for keeping their
information current. While all users can edit their account profile information, only
Master Account Administrators and Account Administrators have the authority to grant
user account access rights.
Primary Market Agent
Primary Market Agents have ‘organization accounts’ in the MSRB Gateway for purposes
of submitting primary market information to EMMA. Through MSRB Gateway, primary
distributors will be able to send invitations to third-parties to act as designated Agents.
Designated agents are granted access to the MSRB Gateway by the Master Account
Administrator through invitations by email to third parties, to become registered in
MSRB Gateway. Once confirmed by a primary distributor, designated agents may create
accounts to make electronic submissions on behalf of the designating primary distributor.
Through MSRB Gateway, dealers will be able to send invitations to third-parties to act as
designated Agents. MSRB Gateway will transmit these invitations by e-mail to the third
parties, which can create their own accounts in MSRB Gateway if they are not already
registered Agents. These third parties can then accept dealer invitations through MSRB
Gateway.
Group Account Administrator
The Group Account Administrator is appointed by the Master Account Administrator to
manage user accounts within a Group. A group is created by the Master Account
Administrator and is recommended for larger organizations that operate in several
locations or operate under several sectors at one location. The Group Account
Administrator manages user accounts within a Group or may appoint one or more
administrators, a Global Account Administrator.
Global Account Administrator
Global Account Administrator can be appointed by the Master Account Administrator
and the Group Account Administrator. The Global Account Administrator has privileges
to manage all user accounts regardless of the group association.
25
Accessing Account and Company Management
From the MSRB home page (www.msrb.org) select “Login.”
On the MSRB Gateway log-in screen enter your user ID and Password and click on
“Login.” If you are experiencing log-in problems, contact the MSRB via e-mail at
GatewaySupport@msrb.org or call the Market Information Department at (703)7976668.
26
MSRB
Gateway User
Manuals
The Master Account Administrator is able to add new, edit and delete users in MSRB
Gateway including Account Administrators to assist with account management duties.
From MSRB Gateway Main Menu, expand the Account and Company Management
menu option to view account options.
Profile Information of Login User
The Master Account Administrator is able to add new users in MSRB Gateway
including Account Administrators to assist with account management duties.
From MSRB Gateway Main Menu, expand the Account and Company Management
menu option, then select Manage User Accounts to view user account options.
27
On the User Accounts screen you can search, add, edit, or delete User Accounts. You are
also able to view prior disabled User Accounts. Existing User(s) will be displayed on the
right side of the screen.
For information on how to grant access, edit, and delete Users to submit 529 college
savings plan disclosures and documents for primary market submissions see the manuals
listed below:
The MSRB Gateway User Account Management User Manual describes user account
management within the MSRB Gateway. The user manual provides profile information,
describes user types and privileges, the adding and editing and disabling of Users, and the
management of Groups. Description on how to create and transfer the Master Account
Administrator role is also provided. The MSRB Gateway manual can be accessed at
28
http://www.msrb.org/msrb1/pdfs/AccountManagement.pdf or the MSRB Gateway
access screen.
The MSRB Gateway Agent Invitation and Designation User Manual describes
instructions for agent invitations and designations. The user manual provides information
for the invitation and designation of agents to submit 529 college savings plan disclosures
and documents on behalf of an organization. The MSRB Gateway manual can be
accessed at http://www.msrb.org/msrd1/pdfs/AgentDesignation.pdf or the MSRB
Gateway access screen.
29
Appendix 2
Registration and Confirmation for Continuing
Disclosure Submission
Registration and Confirmation Overview
All submitters to the continuing disclosure Service must be registered in MSRB Gateway,
a single, secure access point for all MSRB applications, in order to make continuing
disclosure submissions to EMMA. Each user must also accept the terms and conditions
for making continuing disclosure submissions. Once registered, a user may make a
continuing disclosure submission but until the user becomes “confirmed,” EMMA will
identify that user’s submissions as being provided by an unconfirmed submitter. MSRB
allows unconfirmed submitters to make submissions immediately upon creation of a user
account; however MSRB reserves the right to disable an unconfirmed account if a user
remains unconfirmed for 15 days after the creation of the user account. An unconfirmed
user can become confirmed by having another confirmed user verify the identity of the
unconfirmed user, or by providing the MSRB with information that confirms its own
identity. The registration and confirmation process applies to the following classes of
submitters:
Municipal Securities Issuer, Obligor, and Secondary Market Agent
Issuers, obligors and secondary market agents must set up a “company account” in
MSRB Gateway and each user of a “company account” must setup a user account.
Dealer
All MSRB-registered dealers (“dealers”) have “company accounts” in MSRB Gateway.
To make secondary market submissions, a dealer Master Account Administrator or the
Account Administrator must provide other users with “EMMA Secondary Market
Submission” account access rights. EMMA automatically confirms dealer users.
Primary Market Agent
Primary market agents have “company accounts” in MSRB Gateway for purposes of
submitting primary market information to EMMA. To make continuing disclosure
submissions, also known as secondary market submissions the Master Account
Administrator or the Account Administrator for the organization must grant users
“EMMA Secondary Market Submission” account access rights.
Confirmed issuers can designate agents to submit documents and information on their
behalf, and can revoke the designation of any such agents. These designated agents must
register to obtain password-protected accounts in order to make submissions on behalf of
30
the designating issuers. The issuer, through MSRB Gateway, has the ability to revoke the
authority of its designated agent. Section 5 describes how to designate agents.
Issuer and Continuing Disclosure Registration and Confirmation –
Self-Directed
Issuers and continuing disclosure submitters that do not have accounts in MSRB Gateway
must first register and set up a user account in order to make continuing disclosure
submissions, and then must become confirmed. This is the process for those users that
initiate the registration and confirmation process themselves, as opposed to registering in
response to the receipt of an “invitation” to become a registered user.
Registration Process
To start the registration process, a user can select the hyperlink “Register” located on
EMMA Dataport section of EMMA (shown below).
Using above method, the MSRB Gateway Continuing Disclosure Registration page will
open. For new users, enter your e-mail address and select “Next.”
31
After selecting “Next,” a registration application form will be shown that captures the
user-level information. Complete the user-level information and select “Next.”
The screen for organization-level information will appear. Complete the organizationlevel information. To reduce the amount of re-keying of identical data, select “copy
32
values from user details” to populate the fields with user-level information. A dialogue
box will confirm this action.
If you select “OK”, the information will pre-populate most of the mandatory fields. You
must ensure that organization-level information is populated. Once complete, select
“Next” and on the next screen, select the appropriate continuing disclosure role(s) and
select “Next.”
At this point you will be given the option to become confirmed. Choose to proceed by
using either the electronic or manual confirmation processes. Note, the confirmation
process is not required to be completed prior to making a continuing disclosure
submission; however, any submissions made prior to becoming confirmed will be flagged
on EMMA as an “unconfirmed” submission.
33
Confirmation Process
There are two ways to become confirmed: manual confirmation by the MSRB or
electronic confirmation by another confirmed user. Since the manual process requires
physically mailing or faxing a document to the MSRB, one advantage to using the
electronic process is that the user may become confirmed in a shorter amount of time.
However, choosing electronic confirmation requires that a user designate an existing
confirmed user for purposes of confirmation. If such a confirmed user is not known, the
manual confirmation process must be followed.
Electronic Confirmation Process
Enter a confirmed user’s email address and select “Next.”
If the email address is successfully entered, a confirmation screen will display your userlevel and organization-level information as well as the fact that you have selected the
electronic confirmation process. An error message will appear and the confirmation
process will not proceed if either of the following is found: (a) the email address you
entered for the confirmed user is not known to MSRB Gateway, or (b) the email address
you entered is known to Gateway but the user is not confirmed.
34
Review the information on the confirmation screen to ensure that the information is
correct. Select “Edit User Details” if any information needs to be edited. If the
information is correct, select “Submit.”
The next screen will indicate that your user account has been created and state the
electronic confirmation process was selected. You will also receive an MSRB Gateway
system-generated email stating that a user account is registered in MSRB Gateway for
making secondary market submissions. The email will contain a User ID# and a
hyperlink to retrieve your password. You must follow the hyperlink to complete the
registration process.
Note that a user will not be confirmed using the electronic confirmation process until the
confirmer takes action. An e-mail will be sent to the requestor acknowledging when its
account becomes confirmed.
35
Manual Confirmation Process
To be confirmed manually, leave the “confirmer’s email address” field blank and select
“Next.”
A confirmation screen will display your user-level and organization-level information as
well as the fact that you have selected the manual confirmation process. Review the
information on the screen and confirm that the information is correct. If the information
needs to be updated select “Edit User Details.” Once all information is correct, select
“Submit.”
The next screen will indicate that your user account has been created and state that you
chose the manual confirmation process. You will also receive an MSRB Gateway
system-generated email stating that a user account is registered in MSRB Gateway for
making secondary market submissions. The email will contain a User-ID and a hyperlink
to retrieve your password, which must be followed to complete the registration process.
Click “Submit” to proceed with the manual confirmation process.
36
Click on “Print” to retrieve the manual confirmation document.
Retain the printed document and follow the instructions on the document to complete the
confirmation process.
Note that user will not be confirmed until the MSRB has received the information
requested in the manual confirmation document. An e-mail will be sent to the user
acknowledging when its account becomes confirmed.
37
Issuer and Secondary Market Agent Registration and Confirmation –
By Email Invitation
A user that is registered to make continuing disclosure submissions can invite an issuer or
secondary market agent to also make continuing disclosure submissions. The purpose of
the email invitation function is to allow users to alert other potential users to the
continuing disclosure submission service of EMMA. The email invitation function also
allows a user that is confirmed to easily confirm other users. Invitations may only be sent
to invitees that are not registered. An invitee that accepts an invitation from a confirmed
inviter is automatically confirmed.
Responding to an Invitation to Register
If an issuer or secondary market agent has been invited by another user to make
continuing disclosure submissions, they will receive an email informing them that that
they have been invited to register to make continuing disclosure submissions. As shown
in the sample email below, the email identifies the inviter and includes a hyperlink that
the invitee will use to accept the invitation.
When the invitee selects the hyperlink from the e-mail, a web page with the invitee’s email address and invitation code will be shown. Verify the e-mail address and select
“Next.”
38
After clicking “Next”, the invitee will be directed to step 2 of the registration process.
Responding to an Invitation to Confirm Another User
Through the electronic confirmation process in Section 2.1, a user may request
confirmation from a confirmed user. The confirmed user will receive an e-mail noting
the request for confirmation. The confirmed user must log-in to MSRB Gateway and
select the “Manage Continuing Disclosure Requests” option from the MSRB Gateway
main menu.
If you are a confirmed user and log-in in response to a request from another user to be
confirmed, this screen shows all pending requests for confirmation.
39
Select “Confirm” to go to the next screen, where you will confirm the user or reject the
request.
To confirm the user, select “Confirm Registration.” To reject the user’s request, select
“Reject Registration.” A screen will appear noting the action and an email will be sent to
the user that requested confirmation.
Sending an Invitation
To initiate the invitation and confirmation process, log-in to MSRB Gateway, and from
the MSRB Gateway main menu, select “Manage Continuing Disclosure Requests.”
40
After selecting this option, enter the e-mail address of the issuer or secondary market
agent to whom you would like to send an invitation. Enter the email address and select
“Invite for Continuing Disclosure.” On the following screen enter the company name
and role(s) that the invitee will assume and select “Send Invitation.”
MSRB Gateway will check to see whether the invitee is already a registered and
confirmed user. If the invite has an MSRB Gateway account and is already registered
and confirmed to make continuing disclosure submissions, the next screen will alert the
user to the fact that an invitation cannot be sent since the invited user is already registered
and confirmed. If the invitee does not have an existing MSRB Gateway account or is not
confirmed, the next screen will confirm that the invitation has been sent.
Starting/Reinitiating the Confirmation Process
Users who are currently registered but not yet confirmed, or who would like to reinitiate
the confirmation process may use the following steps to get confirmed:
1. Log into Gateway
2. On the Gateway main menu click on the link “Add/Remove Roles for
Continuing Disclosure Service”
The screen will show that your confirmation status is pending.
41
If the user is unconfirmed and now seeks confirmation, the button will read
“Initiate the confirmation process.” Click on this button to start the process. If
the user’s confirmation is pending (awaiting confirmation from a confirmed user
via the electronic confirmation process, or the MSRB via the manual confirmation
process), the button will read “Restart the Confirmation Process.” The user can
restart the confirmation process by clicking on the button and will be given the
option to proceed with electronic confirmation or manual confirmation.
Continuing Disclosure Account Management – View/Update Account
Information
Once registered in MSRB Gateway, users may view and modify account details. All
information in MSRB Gateway must be kept current. To view and modify account
details, log-in to MSRB Gateway and the Main Menu screen will be shown.
42
View/Update Continuing Disclosure Roles
To view or update roles of a user in making continuing disclosure submissions to
EMMA, under the “Account and Organization Management” heading, select
“Add/Remove Roles for Continuing Disclosure Service.”
You can select or deselect roles. After making changes, select “Next.”
43
A confirmation screen reflecting the updates will be displayed. Select “Submit” to
proceed with the account updates. The next screen will confirm that the account was
updated. An email also will be sent confirming updates to the account.
View/Update Organization-Level Information
You can update your organization-level information (entered during registration) by
selecting “Manage Organization Profile” under the “Account and Organization
Management” heading.
The Organization Profile will be shown. Select “Edit Organization Profile” to make
changes. Note that selecting “Modify” next to Roles allows a user to update continuing
disclosure roles.
All organization-level information may be updated on this screen with the exception of
the MSRB ID and Organization Name. Enter updated information and select “Continue”
to proceed with the updates, or “Cancel” to exit this screen without entering updates.
44
A confirmation screen reflecting the updates will be displayed. Select “Confirm” to
proceed with the account updates. The next screen will confirm that the account was
updated. An e-mail also will be sent confirming updates to the account.
Continuing Disclosure Submission Registration by Primary Distributor
and Primary Market Agent
A primary distributor or agent for primary market submissions already has its
organization-level information in MSRB Gateway and therefore is not required to follow
the complete registration and confirmation process. However, all user accounts, whether
new or pre-existing, must be granted “EMMA Secondary Market Submissions” account
access rights before making continuing disclosure submissions.
Granting Continuing Disclosure Submission Account Access Rights –
Primary Distributor and Agent for Primary Market Submissions
The Master Account Administrator or an Account Administrator of a primary distributor
or primary market agent can grant “EMMA Secondary Market Submissions” account
access rights to any account within the organization to allow the user to make continuing
disclosure submissions. To grant account access rights to an existing account, the Master
Account Administrator or Account Administrator must edit the account.
To grant “EMMA Secondary Market Submissions” account access right to a new user,
create a new user account by following the instructions provided in the “User Account
Management User Manual” located on MSRB Gateway log-in page, and grant the user
“EMMA Secondary Market Submissions” account access rights.
On the MSRB Gateway Main Menu, select the “Manage User Accounts” option under
“Account and Organization Management.”
45
Select the appropriate user account.
Select “Edit User Account” to make updates to the account.
46
On the following screen, grant the user “EMMA Secondary Market Submissions” by
selecting the account access right and select “Confirm.”
For information on the registration process for submitting 529 college savings plan
continuing disclosure documents, please refer to the EMMA Dataport Manual for
Continuing Disclosure Submission.
47