The Municipal Securities Rulemaking Board’s proposed rule changes on retail order periods would be burdensome, costly and would result in some unintended adverse consequences for dealers and issuers, the Securities Industry and Financial Markets Association warned on Monday.

SIFMA issued the warning about the proposed changes to MSRB Rules G-11 on primary offering practices, G-32 on primary offering disclosures, G-8 on books and records, in a recent three-page letter sent to the Securities and Exchange Commission. The commission must approve the proposed rule changes, which the MSRB proposed in June, as well as a recent amendment the MSRB filed, before they become final.

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