Broker-dealers will not have to make the same disclosures to wealthier, more sophisticated individual investors that they do to other investors under a revised Municipal Securities Rulemaking Board interpretative notice approved recently by the Securities and Exchange Commission.

Under the notice, which takes effect July 9, the MSRB expands the definition of sophisticated municipal market professional (SMMP) to include, for the first time, individuals and other investors with assets of at least $50 million. The update of the board's 2002 interpretive notice "vastly simplifies" the analysis dealers must conduct when determining whether a customer qualifies as an SMMP, the board said in a release.

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