Series 52: 8.4.2.6. Sophisticated Municipal Market Professionals

Taken from our Series 52 Online Guide

8.4.2.6. Sophisticated Municipal Market Professionals

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

• A bank, savings and loan association, insurance company, or investment company

• A registered investment adviser

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

To treat a customer as an SMMP, a broker-dealer must have a reasonable belief that the customer 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 of the broker-dealer.

With respect to SMMPs, a broker-dealer does not have any obligation to disclose material

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