The Municipal Securities Rulemaking Board became the sole nationally recognized repository for municipal-securities information a year ago this month. During the past year, the board's Electronic Municipal Market Access system has received more than 126,000 documents from about 7,800 muni issuers. "EMMA is a great new system, and because of the underwriter's obligation to check five years of history, it will only reach its full potential in the next five years," said Leslie Norwood, managing director and associate general counsel at SIFMA. "We expect EMMA to continue to develop and improve, and the usefulness of the system will only increase to market participants."

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