WASHINGTON — Appointed members of state and local governmental boards will likely be exempted from the Securities and Exchange Commission’s final definition of municipal advisor, which is expected to be released early this year, the SEC chairman indicated Thursday.

At a Senate Banking Committee hearing on the Dodd-Frank Act, Elisse Walter said the commission needs fiscal 2013 funds to implement the act’s rules, while another financial regulator told lawmakers agencies hope this year to complete the so-called Volcker Rule, which has been criticized by a range of market participants.

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