WASHINGTON — Since the Securities and Exchange ­Commission and the Municipal Securities Rulemaking Board rolled out separate registration systems for municipal advisers this fall, there has been ­widespread confusion over the requirement that advisers register with both regulators.

This appears evident from the huge difference in the number of advisers that have registered with each. While 784 advisory firms had registered with the SEC as of yesterday, only 150 had signed up with the MSRB. 

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