The Municipal Securities Rulemaking Board on Monday asked the Securities and Exchange Commission to approve proposed rule changes that would allow individual investors to qualify as “sophisticated municipal market professionals,” for whom broker-dealers would be exempt from having to meet certain requirements.

The proposal was made in response to the improved availability of online municipal market data, and is designed to bring the MSRB’s rule in line with new rules from the Financial Industry Regulatory Authority defining broker-dealers’ suitability obligations for institutional clients, the board said in a release.

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