WASHINGTON — Governing board members of municipal entities should not be considered municipal advisers who would have to register with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board and comply with board rules, the MSRB told the SEC Wednesday.

"There is no evidence that Congress sought to provide authority to the MSRB or the commission over the internal affairs of municipal entities," the board said in an 18-page comment letter signed by chairman Michael Bartolotta, vice chairman of First Southwest Co. in Houston.

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