WASHINGTON — With lawmakers from both chambers of Congress set to begin hammering out a single financial regulatory reform bill on Wednesday, one of the most contentious municipal-market issues to be worked out centers on who will regulate non-dealer financial advisers, swap advisers and other market intermediaries.
Market participants involved in regulatory reform discussions said House Democrats remain skeptical about self-regulators in general and may fight language in the Senate bill that would give the Municipal Securities Rulemaking Board regulatory authority over intermediaries. Dealers currently control 10 of the board’s 15 seats.
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