Series 53: Sophisticated Municipal Market Professionals (SMMPs)

Taken from our Series 53 - MSRB Municipal Securities Principal Qualification Exam

Definition of the term Sophisticated Municipal Market Professionals (SMMPs)...

institutional customers that:

• The dealer has a reasonable basis to believe are capable of evaluating investment risks and market value independently (When making this judgment, the dealer should consider the amount and type of municipal securities owned or under management by the institutional customer.)

• Affirm either orally or in writing that they can exercise independent judgments in evaluating recommendations of the dealer


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