The Securities Industry and Financial Markets Association is urging the Municipal Securities Rulemaking Board not to alter its Rule G-14 on reports of sales or purchases to require broker-dealers to report municipal securities transactions between a dealer's so-called proprietary desk and another desk within the same firm.

In a six-page letter sent to the board Thursday, SIFMA argues that revising G-14 to require the reporting of such transactions would "create new inconsistencies and would result in interpretive issues involving the treatment of the proprietary desk as a customer that would provide significant problems of implementation."

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