WASHINGTON —  Only half as many muni advisory firms are registered with the Municipal Securities Rulemaking Board compared to those registered with the Securities and Exchange Commission, even though advisory firms are now required to sign up with both regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

As of Monday morning, 878 muni advisers were registered with the SEC but only 442 had signed up with the board. Though the commission began requiring that municipal advisers register with it by Oct. 1, to coincide with the effective date of Dodd-Frank provisions regulating advisers, the MSRB gave advisers until Friday to register with their separate system.

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