WASHINGTON — Industry groups are urging the Securities and Exchange Commission to reject a proposal from the Municipal Securities Rulemaking Board to provide it with an additional $17 million in revenue annually by nearly doubling the amount of transaction fees it collects from dealers.
The board has said sharp fee hikes are necessary to defray the technology costs for its EMMA site as well as expenses tied to the regulation of municipal advisers under the Dodd-Frank Act. However, the Bond Dealers of America and the Securities Industry and Financial Markets Association said it is hard to tell if the proposal is truly justified.
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