WASHINGTON - The Municipal Securities Rulemaking Board has a disclosure system and fair-dealing rule that should be considered in any regulatory regime established for derivatives, the MSRB told Treasury Secretary Timothy Geithner last week.

In a three-page letter sent to Geithner Thursday but not publicly released until Friday, the MSRB also said that while derivatives disclosure is not required, "many investors" consider it to be "material" to their investment decisions.

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