WASHINGTON — A trend towards more detailed regulation of muni markets by the Municipal Securities Rulemaking Board could have negative, long-term consequences on market participants, the Securities Industry and Financial Markets Association warned the board in a recent letter.

In its letter, a response to the MSRB’s request for comments on its priorities for fiscal 2013, SIFMA noted that the board has been particularly active in new rulemaking in the past few years.

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