When a market raises more than $300 billion in a year, it had better run according to the rules if it is to continue to expand and serve both issuers and investors. And a fundamental rule of efficient capital markets is that issuers provide investors with sufficient ongoing information to enable them to evaluate securities intelligently.

Secondary market disclosure in the municipal market has never equaled disclosure in the corporate securities market, but that is changing. Richard Roberts, the commissioner on the Securities and Exchange Commission who has been most concerned with reforming the municipal securities market, spoke at a meeting of the Municipal Analysts Group of New York on Friday, and he said that the SEC no later than February would issue an interpretive release dealing with disclosure.

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