WASHINGTON - Securities and Exchange Commission members may consider the staff's recommended final secondary market disclosure requirements for the municipal market at a Nov. 10 meeting, sources said yesterday.
The SEC staff would like the disclosure proposals to be taken up at that time, even though they are currently wrestling with a few remaining issues, one well-placed commission source said.
But the commissioners have not yet approved that date, and SEC chairman Arthur Levitt has not yet proposed whether to move forward with, or defer, a controversial proposal requiring dealers to disclose markups in riskless principal transactions, the source said.
The commission has already scheduled a meeting for Nov. 10, but has not yet disclosed the meeting's agenda.
Meanwhile, Christopher Taylor, the executive director of the Municipal Securities Rulemaking Board, said the board at a meeting later this week will take another look at an amendment it had proposed to its political contributions rule that would exempt retail salespersons.
The amendment has been pending at the SEC, but SEC staff are concerned that it might undermine the intent of the rule, which is designed to put a halt to pay-to-play practices.
