WASHINGTON - The Securities and Exchange Commission voted unanimously yesterday to repropose pay-to-play restrictions on investment advisers for states and localities, modeled partly on limits already in place for municipal broker-dealers.

The proposal, which will be subject to a 60-day public comment period upon publication in the Federal Register, is revised from a plan 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 1999 changes were proposed but never finalized, partly in response to congressional opposition to them.

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