WASHINGTON — The Municipal Securities Rulemaking Board has referred unregistered municipal advisors to the Securities and Exchange Commission for investigation and possible enforcement action, the board said Thursday.

In a letter to SEC chairman Mary Schapiro, MSRB chairman Alan Polsky, senior vice president at Dougherty & Co. in Minneapolis, expressed concern that firms are engaged in municipal advisory activities, but have not registered with the board or the commission, as required by federal law.

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