Who posts the POS in EMMA during a negotiated sale?

In a negotiated sale, the underwriter is responsible for posting the Preliminary Official Statement (POS) in the Electronic Municipal Market Access (EMMA) system. The underwriter plays a critical role in the issuance of municipal bonds and is the entity that manages the sale process, including preparing the POS, which outlines important details about the bond offering, such as the terms and conditions, the project being financed, and the financial attributes of the bond.

The underwriter ensures that the POS is posted in EMMA to provide potential investors and other interested parties with access to this essential information, maintaining transparency and compliance in the bond issuance process. This posting is a requirement that serves to inform the market and facilitate the buying and selling of municipal securities.

The issuer typically does not post the POS directly, although they collaborate with the underwriter throughout the process. Similarly, while financial advisors may provide guidance and recommendations, their primary role does not include the posting of the document. Bond counsel focuses on the legal aspects of the bond issuance, ensuring legality and compliance, but they, too, do not handle the posting of the POS. Hence, the underwriter's role in this context is crucial and is why they are tasked with posting the POS on EMMA.