WASHINGTON — Certain muni transaction-related services should only be performed by municipal advisors, not by underwriters, an independent financial advisor group told the Securities and Exchange Commission Wednesday.

In a rebuke to the Municipal Securities Rulemaking Board, which recently took a contrary view, the National Association of Independent Public Finance Advisors identified a range of activities that, "if not able to be handled by qualified issuer staff, should be performed exclusively by municipal advisors," wrote Colette Irwin-Knott, NAIPFA's president and a partner at H.J. Umbaugh & Associates LLP in Indianapolis.

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