House conferees meeting to hammer out compromise financial regulatory reform legislation potentially handed the Securities and Exchange Commission at least two significant victories Wednesday: the authority to self-fund its operations without annual appropriations from Congress as well as the authority to register and regulate municipal financial advisers.

But at press time, Senate Banking Committee chairman Christopher Dodd, D-Conn., signaled that Senate conferees would seek to block the House side’s proposed changes to FA regulations, which would replace muni language approved by the Senate last month that is part of the conferees’ “base text.” Specifically, the base text would require unregulated advisers to register with the SEC but adhere to regulations set by the Municipal Securities Rulemaking Board.

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