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ANNUAL DEBT TRANSPARENCY REPORT California Debt and Investment Advisory Commission, 915 Capitol Mall, Room 400, Sacramento, CA 95814 P.O. Box 942809, Sacramento, CA 942090001 Tel.: (916) 6533269 Fax:
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Who needs municipal market disclosure information?

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Underwriters of municipal bond issues
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Municipal market disclosure information is information that issuers of municipal securities must provide to the public to ensure transparency and maintain the integrity of the municipal market.
Issuers of municipal securities are required to file municipal market disclosure information.
Municipal market disclosure information can be filled out electronically through the Electronic Municipal Market Access (EMMA) system.
The purpose of municipal market disclosure information is to provide investors with relevant information about the issuer's financial health, obligations, and risks associated with the municipal securities.
Information such as financial statements, material events, operating data, and other relevant information must be reported on municipal market disclosure information.
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