5.8.1 Investor Relations and Outreach

Issuers are required to post certain disclosures, including their annual financial reports and event notifications, on the MSRB Electronic Municipal Market Access (EMMA) website. See Chapter 6, Securities Laws Pertaining to Municipal Debt. In addition, issuers may choose to communicate with interested parties, including investors and the public, about its debt issuance and the projects financed using the proceeds of these transactions. In doing so, issuers must be aware that such communications may be deemed to “speak to the market” and as such are subject to the anti fraud provisions of securities law. Notwithstanding this, the GFOA recommends that governmental issuers use their websites to disseminate information to the municipal securities market regarding their debt, financial condition, and other investor relations related information.104 The internet, in general, and issuers’ websites in particular, provide a powerful tool for improving transparency by communicating with and disclosing information to investors as well as credit analysts, underwriters, and other market participants.