The Municipal Securities Rulemaking Board proposed a revised definition of “sophisticated municipal market professional” Tuesday that, for the first time, would include individuals with total assets of at least $50 million.

Under the existing definition, released in 2002, only institutional customers, not individuals, can qualify as SMMPs. The board has recognized SMMPs need less protection than other investors, given their access to sophisticated market data and trading platforms. The current guidance was developed largely because of electronic trading systems, though its application has not been confined to such systems, the board said in a notice that asks for public comments by Dec. 13.

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