WASHINGTON — The Municipal Securities Rulemaking Board’s proposed guidance for broker’s brokers would force them to go beyond the board’s existing rules, would be inconsistent with their limited roles in the market, and would impede the efficiency of the interdealer market, the Securities Industry and Financial Markets Association warned the MSRB this week.

In a 17-page comment letter filed Monday, SIFMA asked the board to withdraw or modify much of the proposed guidance, which was proposed in September. Additional letters from individual brokers’ brokers and other industry participants echoed SIFMA’s concerns.

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