Series 51: Rule G-48—Transactions With Sophisticated Municipal Market Professionals

Taken from our Series 51 Online Guide

Rule G-48—Transactions with Sophisticated Municipal Market Professionals

Certain other MSRB requirements are eased in the case of a customer that is a sophisticated municipal market professional (SMMP).

SMMPs are certain large institutional customers that can independently evaluate investment risks and market value, and have indicated that they are exercising independent judgment regarding recommendations from a broker-dealer.

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