Series 53: 3.1.1.1.3. Transactions With Sophisticated Municipal Market Professionals (SMMPs)

Taken from our Series 53 Online Guide

3.1.1.1.3. Transactions with Sophisticated Municipal Market Professionals (SMMPs)

A broker-dealer’s obligations to a customer are considerably modified when the customer is a sophisticated municipal market professional.

With respect to SMMPs, a broker-dealer does not have any obligation to disclose material information that is reasonably accessible to the market. Nor must it ensure that the price of a secondary market agency transaction is fair and reasonable, as long as the broker-dealer:

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