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The mission of the Securities and Exchange Comm. (SEC) is to protect investors - including investors in municipal securities - maintain fair, orderly, and efficient markets, and facilitate capital formation. In furtherance of that mission, Chmn. Mary L. Schapiro announced in May 2010 that Commissioner Elisse B. Walter, along with staff from across the agency, would lead an effort to examine the municipal securities market. In 2010 and 2011, Commissioner Walter and the SEC (Staff) held public field hearings in San Francisco, Wash., DC, and Birmingham, AL. They also held meetings and conference calls with market participants and public comment was invited by email, by mail, through the SECs web-based comment submission form, or through a dedicated telephone line. This report begins with an overview of the municipal securities market, the regulatory structure and the roles of key market participants. Next, it focuses on two key areas of concern in the municipal securities market: disclosure and market structure. Finally, the report provides a number of recommendations for potential further consideration, including legislative changes, SEC rulemaking, Municipal Securities Rulemaking Board (MSRB) rulemaking and enhancement of industry best practices. Figures. This is a print on demand report.
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