WASHINGTON — With the Senate Banking Committee scheduled to begin marking up draft financial regulatory reform language as early as today, market participants are hopeful that lawmakers will be keen to fill potential loopholes in the bill’s provisions calling for the regulation of municipal market advisers.

Under the proposal, which was released a week ago by Senate Banking Committee chairman Christopher Dodd, D-Conn., non-dealer financial advisers and other market intermediaries would for the first time be subject to Securities and Exchange Commission regulation and Municipal Securities Rulemaking Board rules.

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