WASHINGTON - The Securities and Exchange Commission and the securities industry's leading lobbying group are engaged in a heated battle over the extent to which the SEC has enforcement authority over interest rate swap transactions in a court case involving Jefferson County, Ala., muni bond and swap deals.

In the latest salvo, the SEC yesterday urged a federal court in Alabama to disregard a friend-of-the-court-brief filed by the Securities Industry and Financial Market Association, claiming it is a "flawed piece of advocacy" for SIFMA's member-firms and those connected with the Jefferson County deals that seeks to negate the authority that Congress has given the commission.

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