Dealer and bank groups warned they face a regulatory quagmire with the Municipal Securities Rulemaking Board’s draft muni adviser pay-to-play restrictions because the board and Securities and Exchange Commission define terms associated with muni advisers differently and have varying sets of rules for muni and investment advisers.

Meanwhile, independent financial advisers urged the MSRB to go farther with its pay-to-play restrictions and generally bar advisers and broker-dealers from contributing to bond-ballot campaigns in which they are not eligible to vote.

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