WASHINGTON — An issuer official and former head of a governmental group strongly refuted the Securities and Exchange Commission’s claims that disclosure and accounting standards for the municipal bond market are lacking and said the SEC simply doesn’t understand the market.

Speaking Tuesday afternoon at the SEC’s first muni field hearing in San Francisco, Ed Harrington, general manager of the San Francisco Public Utilities Commission and former president of the Government Finance Officers Association, said the commission’s concerns about municipal issuers stem from a “grossly simplified view” of the market. He maintained there is no need for the SEC to obtain legislative authority to directly regulate the market, a recommendation that SEC staff could make in its report from the hearings.

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