WASHINGTON -- A major opponent of the Municipal Securities Rulemaking Board's proposed electronic disclosure library told federal regulators yesterday that at least four key states collect extensive secondary-market information from their issuers and the practices in other states should be studied before further disclosure requirements are imposed.

The National Association of State Auditors, Comptrollers, and Treasurers announces its conclusion in a report it sent to the Securities and Exchange Commission two days before the SEC's scheduled vote last Thursday on the board's proposed Municipal Securities Information Library. The association has gone on record opposing MSIL.

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