WASHINGTON — The ­Securities and Exchange Commission would violate the Tower Amendment and the principles of federalism if it applies its proposed rules on asset-backed securities to municipal bonds, 14 market groups warned this week.

The groups, which represent municipal issuers, broker-dealers and financial advisers, issued the warning in a five-page comment letter they sent to the SEC Monday urging it to exclude munis from the two sets of asset-backed securities rules proposed on Oct. 4 and Oct. 13.

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