WASHINGTON – Dealers working with sophisticated registered investment advisors that have full discretion over their clients' accounts do not owe any additional obligations to those clients apart from what is normally required from dealers working with sophisticated professionals, the Municipal Securities Rulemaking Board said Thursday.

"The MSRB is offering this guidance in response to questions from dealers about the applicability of disclosure requirements and other MSRB rules to transactions in managed accounts," said MSRB executive director Lynnette Kelly.

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