The Securities Industry and Financial Markets’ Association is urging the Municipal Securities Rulemaking Board to withdraw its draft broker’s brokers rule and leave the existing regulatory and enforcement scheme intact.

In a rare move, SIFMA filed two eight-page comment letters with the MSRB Friday, one representing the views of its broker’s brokers and one reflecting the concerns of its broker-dealers. Together, both missives blasted the board’s draft Rule G-43, saying it would have a “significant unintended negative impact” on the municipal securities market, to the detriment of retail investors and owners of thinly traded munis.

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