Series 51: Suitability For SMMPs

Taken from our Series 51 Online Guide

Suitability for SMMPs

Dealers are exempt from Rule G-19's customer-specific suitability obligation when an institutional client is a sophisticated municipal market professional (SMMP). Recall that SMMPs are customers that are one of the following:

• Banks

• Savings and loan associations

• Insurance companies

• Investment companies

• Registered investment advisers

• Any other person or entity having total assets of at least $50 million

And the broker-dealer must reasonably believe it is capable of independently evaluating investment risks and market value. An SMMP must affirmatively indicate that it is exercising independent judgment in evaluating the recommendations o

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