WASHINGTON — State and local governments should not allow underwriters to pass through any fees they pay to finance the Governmental Accounting Standards Board, the Government Finance Officers Association warned members Thursday.

The guidance appears in a best-practices document approved by the GFOA executive committee. It comes 10 days after the Financial Industry Regulatory Authority asked the Securities and Exchange Commission to allow it to assess its muni firm members quarterly fees based on the par value of their reported muni trades to help fund the annual budget of GASB.

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