Reuters: Regulatory News: SEC seeks stricter investor protections for US municipal market

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SEC seeks stricter investor protections for US municipal market Jul 31st 2012, 15:28 July 31 | Tue Jul 31, 2012 11:28am EDT July 31 (Reuters) - The Securities and Exchange Commission, in a long-awaited report on the $3.7 trillion U.S. municipal bond market, on Tuesday said it would seek legislation to improve disclosure and allow it to share information with the Internal Revenue Service on information from returns, audits and examinations of issuers. The SEC enforces rules for the market that are written by a self-regulatory organization made up of banks, issuers and advisers called the Municipal Securities Rulemaking Board. SEC Commissioner Elisse Walter spent two years putting together the report, which focuses on improving disclosures by states, cities and other debt issuers and on increasing investor protections. The MSRB, in addition, is reviewing how several market indexes are prepared. Municipal Market Data, a Thomson Reuters company, publishes widely used indexes in the muni market.

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