WASHINGTON — One year after the enactment of a sweeping financial reform law, municipal market participants say the overhaul has created an environment of uncertainty, not dramatic change.

Billed 12 months ago as the most significant overhaul of the market since the Depression, the Dodd-Frank Wall Street Reform and Consumer Protection Act remains a source of anxiety and frustration across the muni securities market — from issuers, who lament the lack of as-yet undefined protections, to dealers and industry groups, who fret about a complex web of regulations, many of which remain unfinished.

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