The Municipal Securities Rulemaking Board's proposed access-equals-delivery system would require dealers to "undertake an enormous amount of expense" to accommodate customers' standing requests for paper copies of primary offering documents, the Securities Industry and Financial Markets Association is warning.

In a comment letter filed Sunday with the Securities and Exchange Commission, SIFMA, which supports the system, said that it nevertheless believes dealers should only be required to provide investors with paper copies if they are requested to do so on a transaction-by-transaction basis, to conform with corporate disclosure practices.

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