WASHINGTON — Just one day after the Municipal Securities Rulemaking Board issued a draft rule on muni advisers’ fiduciary duties, market participants are questioning the scope of the rule and whether it would apply to dealer-advisers.

At the Bond Buyer’s annual Texas Public Finance Conference in Austin, Paul Maco, a partner with Vinson & Elkins LLC who moderated a panel, noted that the Securities and Exchange Commission may not clarify which individuals or firms are muni advisers and therefore subject to registration requirements until late this year.

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