Securities and Exchange Commissioner Luis Aguilar faulted the regulator Thursday for not strengthening municipal bond disclosures.

Aguilar chided the commission for not adopting enhanced disclosure recommendations in a 2012 SEC study including more details on initial offerings such as the starting price, better ongoing disclosures and making disclosures easier to understand.

He said the SEC has an obligation to investors to heighten timely access to accurate, useful and high-quality disclosures for a variety of investment products, particularly those popular and vital for retirees.

Among the investments he cited are target-date funds.

“With the end of an historic period of low interest rates rapidly approaching, the consequences of investors continuing to be ill-informed about the inherent risks of target-date funds are simply too grave,” the Commissioner said.

Aguilar’s comments came at the American Retirement Initiative’s Winter 2015 Summit in Washington, D.C.