WASHINGTON -- The Public Securities Association, as expected, threw its support behind most of the Securities and Exchange Commission's disclosure initiatives yesterday, but implored the SEC to drop some key provisions that the PSA believes would seriously disrupt market liquidity.

"The commission's initiative is a major stride in the evolution of disclosure practices in the municipal securities market," PSA chairman R. Fenn Putman said in a 17-page comment letter. "The scope is well targeted and not burdensome for issuers."

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