WASHINGTON - The Securities and Exchange Commission plans to repropose rule changes next month that would impose pay-to-play restrictions on investment advisers for states and localities, modelled partly on limits already in place for municipal broker-dealers.

The rule changes would be revised from a proposal the SEC floated in August 1999 under former chairman Arthur Levitt, who made municipal market reforms a priority during his years at the commission. The changes were proposed but never finalized, partly in response to congressional opposition to them.

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