WASHINGTON — The Securities and Exchange Commission’s muni enforcement priorities include staying on top of undisclosed pension liabilities, faulty bond valuation and pricing, and undisclosed potential tax ­violations that could jeopardize the tax-exempt status of bonds, the SEC’s top cop said Wednesday.

“In the municipal securities market, we must be up to date on pension liability disclosures, valuation issues, and tax-arbitrage activities,” Robert Khuzami, director of the SEC’s enforcement division, wrote in a speech given at the Securities Industry and Financial Markets Association’s Compliance and Legal Society annual seminar in Phoenix. “These examples are just part of a broader array of challenges stemming from fast-paced change and increasing complexity apparent in the financial products, markets, transactions, and practices that the division confronts.”

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