WASHINGTON - The Securities and Exchange Commission is expected to designate the Municipal Securities Rulemaking Board's EMMA system as the sole repository for issuers' secondary market disclosure documents "very soon," SEC chairman Christopher Cox said yesterday. The move came after the commission voted on unrelated proposals to boost transparency and reduce potential conflict of interests at credit rating agencies.

The five-member SEC is expected to approve the EMMA proposal on a "seriatim" basis, in which the commissioners sign off on it individually rather than at an open meeting. The proposal would amend Rule 15c2-12 on disclosure to designate EMMA as a free, centralized repository for continuing disclosure documents, effectively replacing the four existing nationally recognized municipal securities information repositories, or NRMSIRs.

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