WASHINGTON - The first industry groups to comment on two Municipal Securities Rulemaking Board proposals tied to its EMMA disclosure system are warning that they may be unfair or unduly burdensome in certain respects.

Writing on behalf of nonprofit issuers, the National Association of Health and Educational Facilities Finance Authorities said it is concerned that one of the MSRB's proposals that would give special recognition on EMMA to issuers and obligors that agree to make four types of voluntary disclosures would likely create "prejudicial and unjustified marketplace distinctions" that would harm some borrowers that cannot comply with them.

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