MINNEAPOLIS — The leader of a dealer group criticized recent Securities and Exchange Commission efforts to further regulate the muni market, telling issuer officials on Tuesday that a new rule and initiative could undermine productive relationships between municipalities and underwriters.

Kenneth Bentsen, chief executive officer of the Securities Industry and Financial Markets Association, made the remarks in a speech at the Government Finance Officers Association's annual meeting here. His comments were a full-throated critique of the SEC's municipal advisor registration rule and its Municipalities Continuing Disclosure Cooperation initiative, both of which he warned are misguided efforts that will penalize issuers.

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