WASHINGTON — Next year will bring significant changes in the municipal securities market if Congress passes sweeping financial regulatory reform in what would be the biggest overhaul of financial regulation since the Great Depression.

At the very least, regulatory reform is expected to lead to federal oversight of currently unregulated financial, swap, and other advisers in the muni market as well as changes to the composition of the 15-member Municipal Securities Rulemaking Board to make it a majority-public self regulator. Currently, the MSRB is dominated by representatives from 10 dealer firms.

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