The Bond Dealers of America has urged federal agencies to issue guidance clarifying how obligations of municipal market participants will change if federal regulators fail to finish writing the controversial Volcker Rule by the July 21 deadline — an outcome officials have warned is possible.

In a letter sent to the heads of five federal agencies, the 52-member BDA also asked regulators to detail what requirements market participants must meet during the two-year implementation period that begins once the rule is issued.

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