An official of the National Association of Securities Professionals expressed concerns yesterday that the organization was not asked to participate in closed-door sessions on possible new disclosure regulations for the municipal industry.

"This is disappointing to us because it really does represent the reason why we have an association like NASP," said Raymond J. McClendon, chairman of the group, which represents about 300 minority and women securities professionals from minority-owned Wall Street and regional firms.

McClendon said NASP had not been invited to a meeting held by the Securities and Exchange Commission and the Municipal Securities Rulemaking Board yesterday at the Pierre Hotel in New York City. The meeting was set to begin developing a list of the minimum requirements of ongoing disclosure for issuers.

Christopher Taylor, executive director of the MSRB, said recently that the board and Arthur Levitt, chairman of the SEC, planned to meet with a "cast of thousands," including representatives of issuers, analysts, bond lawyers, dealers, and others.

Another meeting is set for Oct. 18.

"We asked to be invited. Unfortunately, we did not receive an invitation," McClendon said.

Although NASP contacted both the SEC and the MSRB, "we have not gotten a clear answer on who was responsible for the invitations," McClendon said. "As the only trade association specifically charged to promote the interests of women and minorities, we are disappointed that we have been overlooked for whatever reason."

Disclosure and political contributions will be among the topics discussed at the NASP's annual meeting today through Saturday at the Vista Hotel in Washington, D.C.

Officials at the MSRB and the SEC could not be reached for comment.

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