WASHINGTON - The Securities and Exchange Commission has approved rulemaking changes to designate the Municipal Securities Rulemaking Board's EMMA system as a free, centralized repository to which issuers must file bond-related secondary-market disclosure documents beginning July 1, and is considering additional rulemaking to boost municipal disclosure standards.

In an interview, SEC chairman Christopher Cox said the SEC's trading and markets division has recommended regulatory changes to improve municipal disclosure and that the commission may consider them in the coming weeks, though currently other securities issues are more pressing.

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