WASHINGTON -- Bond trustees were stunned by the Securities and Exchange Commission's decision to defer a vote on the Municipal Securities Rulemaking Board's proposed continuing disclosure system, but said Friday they expect to put their new guidelines for secondary-market disclosure into effect without a major delay.

"It's unbelievable," said Jeffrey Powell, vice president of the First National Bank of Chicago and one of the drafters of the guidelines being developed by the American Bankers Association's corporate trust committee.

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