WASHINGTON — Political division in the leadership of the Securities and Exchange Commission could slow the agency's ability to advance a host of municipal market-related measures in 2013, say some market participants.

That's because the Dec. 14 departure of former chairman Mary Schapiro, a political independent, left the five-seat commission with four members: Republicans Troy Paredes and Daniel Gallagher, and Democrats Luis Aguilar and Elisse Walter, the new chairman.

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