WASHINGTON — In a direct rebuke to industry groups and a push-back against two Republican Securities and Exchange Commission members who engaged in stalling tactics, the Municipal Securities Rulemaking Board on Monday vigorously defended its proposed guidance on fair-dealing for underwriters.

That proposal to revise the board’s Rule G-17, floated by the SEC for a fourth round of comments in December, would prohibit dealers from telling issuers not to hire a financial advisor. It would also require underwriters to inform issuers that, unlike municipal advisors, they are not fiduciaries. A fiduciary generally must put a client’s interests ahead of its own.

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