CHICAGO – The Securities and Exchange Commission is not pursuing the idea of imposing a three-strikes-and-you’re-out system for issuers with disclosure failures, like the one floated last week by an SEC commissioner, John Cross, the director of the SEC’s Office of Municipal Securities said here on Thursday.

Cross said that comments made by SEC Commissioner Elisse Walter at The Bond Buyer’s annual California Public Finance Conference on Oct. 19 were designed to call attention to ongoing failures by issuers to file timely, accurate and complete secondary market disclosures.

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