States and local governments are lodging strong opposition to a Municipal Securities Rulemaking Board proposal that would specially designate issuers that voluntarily agree to file annual financial information to the board's EMMA system within 120 days of the end of their fiscal years.

In comment letters filed with the Securities and Exchange Commission last week, issuer groups and individual officials from states and localities warned that the "one-size-fits-all" voluntary initiative would be difficult if not impossible for many to achieve. Nonetheless, it may become a de facto standard, and the bonds of issuers that do not adhere to it could be unfairly harmed by the market, they warned.

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