The National Federation of Municipal Analysts is urging the Securities and Exchange Commission to approve rule changes on standards for the Municipal Securities Rulemaking Board, saying they will increase investor representation on the board.

The NFMA made its position clear in a letter filed with the SEC Tuesday in support of a revision to MSRB Rule A¬ 3, which governs how board members are appointed. The rule states that public board members cannot have worked for a broker-dealer in the past two years and cannot have a “material business relationship” with broker-dealers, which it defines as a “relationship with any municipal securities broker, municipal securities dealer, or municipal advisor, whether compensatory otherwise, that reasonably could affect the independent judgment or decision making of the individual.”

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