WASHINGTON — The Municipal Securities Rulemaking Board is requesting comments on a proposal to consolidate current fair dealing rule guidance into two stand-alone rules defining sophisticated municipal market professionals and laying out dealer obligations to SMMPs.

The two new rules, D-15 defining sophisticated municipal market professionals, and G-48 on the regulatory obligations of brokers, dealers and municipal securities dealers to such SMMPs, would replace current interpretive notices attached to the MSRB’s rule G-17 on fair dealing.

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