SANTA ANA PUEBLO, N.M. — Even as the major municipal market groups have pledged to work to improve continuing-disclosure practices, voluntary improvements to their timeliness and quality remains elusive after years of debate, some analysts say.

They expressed skepticism at the National Federation of Municipal Analysts’ annual conference, meeting here this week, that any widespread improvements could come about without the legislation the Securities and Exchange Commission is seeking to give it direct authority over the market.

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