WASHINGTON -- Ten market groups yesterday called for major changes in the Securities and Exchange Commission's proposals for improving disclosure in the municipal securities market.

The groups, which include the Government Finance Officers Association and Public Securities Association, urged the SEC to overhaul a two-part provision that would bar dealers from underwriting bonds unless the issuer has pledged in writing to provide ongoing disclosure to a national repository. The provision also would prohibit dealers from recommending bonds to customers unless they have reviewed an issuer's financial statements.

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