The Securities and Exchange Commission's proposal to ban investment advisers' use of third-party placement agents will put new and small firms at significant disadvantage and will have additional unintended consequences, state officials, broker-dealers, and investment advisers are warning.

In a number of comment letters filed with the SEC, a diverse group of market participants are asking the agency to reconsider its proposed outright ban because they believe that third-party placement agents play an important and constructive role for investment advisers.

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