WASHINGTON -- Orange County, Calif.'s financial troubles will make issuers more aware of their disclosure obligations, but new disclosure rules or legislation aren't called for, F. Fenn Putman, the outgoing chairman of the Public Securities Association, said last week.

Legislation requiring issuers to register their bond offerings with the Securities and Exchange Commission would be disastrous for the municipal market, Putman, a managing director at Lehman Brothers who will step down as PSA chairman next week, said in a series of recent interviews.

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