On April 9, the Municipal Securities Rulemaking Board released a report entitled "Unregulated Municipal Market Participants - A Case for Reform." Its primary conclusion is that regulatory gaps in the muni securities market increasingly permit unregulated participants, including financial advisers who are not dealers, to avoid critical restraints. As a result, the MSRB is seeking authority to regulate financial advisers who are not dealers and other market participants.

After examining the report, the National Association of Public Finance Advisors asserts that the data contained in the report does not support board's conclusions.

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