WASHINGTON — Two Republican members of the Securities and Exchange Commission have stalled the Municipal Securities Rulemaking Board’s proposed G-17 guidance on fair dealing for underwriters, saying they need more time to analyze the proposal, according to sources.

Under the Dodd-Frank Act, the SEC had to act on the MSRB’s proposed G-17 amendments by Dec. 8, which was 90 days after the original proposal’s publication in the Federal Register. Instead, the commission issued an order instituting proceedings to determine whether to disapprove the proposal, saying it had not reached any conclusions about the issues involved, and calling for more public comments.

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