WASHINGTON — Market participants urged the Municipal Securities Rulemaking Board to broaden the definition of “sophisticated municipal market professional,” saying it should include individuals with muni or fixed-income assets of $25 million, or $50 million in munis and other assets, not $50 million in munis, as the board had proposed.

Under the existing definition, released in 2002, only institutional customers, not individuals, can qualify as SMMPs. The board has determined 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 its November notice. Comments were due Tuesday.

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