WASHINGTON -- The Securities and Exchange Commission yesterday approved the Municipal Securities Rulemaking Board's proposed electronic disclosure library for official statements but, in a surprise move, deferred action on the MSRB's plan to set up an electronic system to dispense secondary-market information.

In a major setback for the MSRB, the commission voted 4 to 0 to table the board's proposed Continuing Disclosure Information/Electronic Submission system until the board develops a new plan that gives issuers and trustees the option of submitting information to the secondary market system on paper.

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