Why is the information about 529 college savings plans available from EMMA different from the information available for bonds?
Basic disclosure documents are prepared for both municipal bonds and 529 college savings plans but they have significant differences. A bond offering occurs as a short-term process during which all of the bonds are issued and reoffered to the public, typically occurring over a period lasting from a few days to a few weeks. Once the initial distribution of bonds is completed, the offering is ended. The official statement for the bonds is intended to describe the features of the bonds, together with financial and operating information about the issuer or other relevant parties that is then current and relevant to the marketing of the bonds during this offering period. Although official statements will sometimes be amended or supplemented during the offering period as a result of changes that occur around the time of the offering, the official statement typically does not continue to be updated once the offering period has ended. On the other hand, a 529 college savings plan has a continu
