You may be asking the question wrong. The regulator is usually after the water meter and thus would have no effect on it. And since the water meter is a simple measuring device, it would also have no affect on the regulator. The water meter should withstand any normal city water pressure, and the regulator would reduce that pressure, so again, a functioning regulator would produce less pressure after it, and a malfunctioning one would only allow the pressure to increase to the level of the city's pressure. So, if you have posed the question properly, someone is feeding you a line.
: : Can a regulator cause a water meter to blow out?
: : Can a water meter cause a regulator to malfunction? I was told regulator caused water meter to blow out and flood.