Which system is required for electronic submission of annual continuing disclosure information as of July 1, 2009?

The EMMA system is crucial for the electronic submission of annual continuing disclosure information for municipal securities. Established by the Municipal Securities Rulemaking Board (MSRB), EMMA, which stands for Electronic Municipal Market Access, provides a centralized platform where issuers can submit their disclosures. This system enhances transparency in the municipal securities market by ensuring that investors have easy access to essential information about outstanding bonds.

Since July 1, 2009, all municipal issuers are required to submit their annual financial disclosures and event-based disclosures to EMMA. This submission process facilitates compliance with the securities regulations aimed at protecting investors by ensuring they have timely and accurate information regarding the financial condition and performance of their investments.

The other systems mentioned do not serve the same purpose for municipal continuing disclosures. For example, the EDGAR system is primarily used for filing disclosures related to publicly traded companies under the Securities and Exchange Commission (SEC), whereas the SEC system itself pertains generally to regulatory filings and does not specifically relate to municipal securities. TRS system, which might refer to various state-specific reporting systems, is not applicable to the federal requirement for municipal securities disclosures.