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 brokers engaged in certain activities such as recommending securities in which states and localities could invest general funds.

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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