A top Securities and Exchange Commission official told an annual roundtable of municipal market groups Tuesday that SEC staff hopes by the end of March to propose changes to Rule 15c2-12 on disclosure to allow for a muni Edgar system. But the official said it could take up to an additional six months for commissioners to vote to approve them in final form.

The remarks by Erik Sirri, the director of the SEC’s division of markets and trading, are important because they provide the first rough blueprint for how long it will take the commission to approve the changes, which would pave the way for the development of a single secondary-market disclosure repository, modeled on the SEC’s Edgar system, that would be hosted by the Municipal Securities Rulemaking Board.

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