WASHINGTON - The Securities and Exchange Commission is set to vote Wednesday on long-awaited proposals that will require municipal issuers to file secondary market disclosures with the Municipal Securities Rulemaking Board's new Electronic Municipal Market Access, or EMMA, system.

Specifically, the commission plans to vote to propose for comment changes to its Rule 15c2-12 on disclosure. The changes will require that EMMA replace the four existing nationally recognized municipal securities information repositories, or NRMSIRs, and will effectively eliminate the need for the Central Post Office disclosure facility that is currently operated by the Municipal Advisory Council of Texas.

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