WASHINGTON — Broker-dealers criticized a proposed Municipal Securities Rulemaking Board rule, saying it would subject them to tougher rules than those that apply to municipal advisers who practice on their own or in independent firms.

“The proposed Rule G-44 would create a two-tiered system, with municipal advisers at broker-dealers being subject to stricter requirements than stand-alone municipal advisers,” said Mike Nicholas, chief executive officer of the Bond Dealers of America, in a two-page comment letter to the MSRB dated June 24. “This two-tiered system would not only create a competitive advantage to municipal advisers that have a stand-alone business model, but would also provide issuers with less protection when they deal with stand-alone municipal advisers.”

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