One of the four nationally recognized municipal securities repositories warned the Securities and Exchange Commission Friday that the proposal to create a central disclosure repository at the Municipal Securities Rulemaking Board would violate the Tower Amendment and place the MSRB in direct competition with commercial vendors.

The Fort Lee, N.J.-based DPC Data Inc. raised the Tower Amendment in a three-page letter that slammed the MSRB and SEC proposal as "a railroad job aimed at taking the public's attention away from the true disclosure problems" in the municipal market and the SEC's lack of enforcement against broker-dealers that underwrite the bonds of issuers chronically delinquent on their disclosure filings.

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