A dissemination agent publicly posts ongoing information regarding issuers of municipal bonds, and may be the issuer itself or a third party.
Securities and Exchange (SEC) Rule 15c2-12 requires that certain information about municipal issuers be periodically disclosed over the life of their bonds. Before purchasing bonds from state and local governments, underwriters must make sure that the issuers have agreed to provide ongoing information to the Municipal Securities Rulemaking Board (MSRB).
The dissemination agent submits such information including annual financial reports and notices of significant events such as defaults or rating changes, to the MSRB. The issuer may serve as its own dissemination agent, or may hire a private company to make these disclosures on its behalf.