WASHINGTON — The Securities and Exchange Commission would impinge on the sovereignty of state and local governments if granted the disclosure authority requested in its July 31 report on the municipal market, the Government Finance Officers Association is warning.

In a public policy statement released Nov. 1, the Chicago-based group detailed its opposition to many disclosure-related recommendations in the SEC’s report, saying efforts by the commission to “impose federally dictated” standards over the content and timing of issuers’ disclosures would be regulatory overreach.

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