WASHINGTON — The Securities and Exchange Commission plans to consider whether to repropose rule changes Wednesday that would impose pay-to-play restrictions on investment advisers for states and localities, modeled 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 pay-to-play restrictions and other municipal market reforms a priority during his years at the commission and then called for similar restrictions for investment advisers. The staff proposed rule changes but they were never finalized, partly in response to congressional opposition to them.

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