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What is continuing disclosure?

The bond documents are signed, bonds are sold, the money is in the bank, construction on your new emergency room is under way… now what?

Get ready for continuing disclosure.

Continuing disclosure provides municipal bond investors with important information, including annual financial reports, quarterly financial and utilization statistics and/or selected financial data, on an ongoing basis.

Responsibilities for continuing disclosure are often documented in a continuing disclosure agreement. These agreements include an undertaking by the municipal issuer or obligated person to provide timely notice of certain specified events pertaining to the municipal securities being offered, and timely notice of any failure to submit annual financial information on or before the date specified in the continuing disclosure agreement [SEC Rule 15c2-12(b)(5)].

Continuing disclosure requirements are clearly spelled out in your bond documents. Once the information has been prepared and collected, it needs to be made public on the Municipal Securities Rulemaking Board’s electronic municipal market access (EMMA) website. Find specifications and rules around how to file on EMMA‡.

You may also hire a third party to collect and file continuing disclosure items to disseminate the information provided by the issuer/obligor per the requirements of the continuing disclosure agreement.

If appointed as dissemination agent for continuing disclosure requirements, UMB will assist with collecting and filing important documents such as annual audited financials, quarterly financials, and/or utilization statistics and selected financial data.

UMB is a nationally recognized and ranked provider of bond trustee and agency services to the corporate and municipal marketplaces. To learn more about our offerings, and to see if UMB is the right funeral trustee for your organization, visit

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When you click links marked with the “‡” symbol, you will leave UMB’s Web site and go to Web sites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other Web sites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.
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