WASHINGTON — Independent financial advisers blasted the Municipal Securities Rulemaking Board for its draft muni-adviser fiduciary duty rule, saying it targeted independent FAs while virtually exempting underwriters, some of which market themselves as advisers.

The National Association of Independent Public Finance Advisors unleashed its frustrations in a letter commenting on the MSRB’s draft Rule G-36, which the board released in February. The draft rule would require advisers to act in their muni client’s best interests, rather than their own.

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