WASHINGTON -- In his strongest statement to date, Richard Roberts of the Securities and Exchange Commission now believes that voluntary industry efforts to fill "gaping" holes in ongoing municipal bond disclosure are not working fast enough and says that new SEC rules or legislation is needed.

But Roberts will not push for commission action before he reviews a rule being drafted by the Municipal Securities Rulemaking Board to spur lagging secondary market disclosure, according to the text of a speech he was scheduled to deliver last night at the Southern Municipal Finance Society's annual fall conference in St. Petersburg, Fla.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.