INDIAN WELLS, Calif. — Issuer and investor groups are working together on a voluntary framework for improved disclosure of municipal swaps and financial information, a move they say reflects unprecedented cooperation between the two market groups, which historically have not been able to reach much consensus on the need for disclosure changes.

Meanwhile, the Securities and Exchange Commission's municipal securities chief said the SEC plans to adopt changes to its Rule 15c2-12 on disclosure sometime this spring. Martha Mahan Haines, who was speaking at the National Association of Bond Lawyers' Tax and Securities Law Institute here, also told The Bond Buyer the SEC plans to hire two attorney-fellows to work in its muni office, and is ideally looking for attorneys that have been traders or bankers or have other industry experience.

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