WASHINGTON — The Securities and Exchange Commission is preparing to issue a report, as soon as Thursday, proposing legislative and regulatory changes that would improve disclosure and price transparency in the $3.7 trillion municipal bond market.

SEC officials and a spokesman declined to comment on the report, which has been approved by all five commissioners. But market sources said it will recommend, among other things, corporate-style registration and disclosure for conduit bonds, which state and local governmental authorities issue for corporate borrowers.

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