WASHINGTON — The House of Representatives passed a bill late Wednesday that would narrow the definition of municipal advisor and exempt a number of market participants from being subject to MA registration and other rules.

The bill, H.R. 2827, had support from dealer groups like Bond Dealers of America and the Securities Industry and Financial Markets Association. But others, including nondealer MAs, public advocacy organizations and labor groups said the revised MA definition could erode protections afforded to state and local governments by the Dodd-Frank Act.

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