MIAMI - The president of the National Association of Independent Public Finance Advisors said yesterday that the Municipal Securities Rulemaking Board should not be given the powers to regulate financial advisers in the municipal market.

Financial advisers believe some form of regulation is necessary, but oversight by the MSRB would put them in a position of being regulated by their own competitors, said Steven F. Apfelbacher of Ehlers and Associates Inc. at The Bond Buyer and Regional Bond Dealers Association National Municipal Bond Summit. The MSRB had earlier this month sent a letter to Congress urging it to give it broader powers over currently unregulated participants, including independent financial advisers and investment brokers.

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