WASHINGTON -- The Securities and Exchange Commission is watching trends in the use of negotiated bond offerings and the sale of derivative products, and may impose new rules on the municipal market if they are needed, Securities and Exchange Commission member Richard Roberts told lawyers Friday.

"I think that [the industry's use of negotiated underwriting] is an area to be alert for at least some jawboning, if not some regulatory action" by the SEC, Roberts told a meeting sponsored by the American Bar Association.

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