Secondary market disclosure is a topic we have been reporting, and supporting, for some time now. A lot of people are spending a lot of time trying to define disclosure and how it will be made, and it will be some time before the answers emerge.

The likeliest result is that issuers will be required to send the official statements of their bond and note issues to a repository, and follow that up with at least annual reports on the 10 or 12 most significant aspects of their fiscal condition. This is neither all that expensive nor a tremendous imposition on the issuers who do things right. The Securities and Exchange Commission is eager to see that issuers and everyone else who operates in the municipal market do right.

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