WASHINGTON -- The Securities and Exchange Commission's enforcement action this week against a Mississippi bond firm did more to improve municipal disclosure than will any broad new package of rules the agency issues in the months ahead, a top bond lawyers' representative said Friday.

"Probably the most important thing that can happen to improve disclosure in the municipal securities market is what appeared on the back of today's Bond Buyer," Amy Dunbar, director of government affairs for the National Association of Bond Lawyers, told issuers meeting at a conference on the SECs pending disclosure proposals.

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