Three Securities and Exchange Commission members voted unanimously yesterday to propose changes to its Rule 15c2-12 on disclosure that would make the Municipal Securities Rulemaking Board's EMMA system a free, centralized repository for all municipal secondary market disclosures.

The SEC plans to publish the proposed rules in the Federal Register for public comment, as well as a notice filed this week by the MSRB that outlines how the board will run the continuing disclosure component to EMMA, which stands for Electronic Municipal Market Access.

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