WASHINGTON — The SEC has approved the Municipal Securities Rulemaking Board's proposal that would simplify its rules on professional designations by limiting the activities of some dealer representatives and eliminating one of its professional designations.

Approved Aug. 1 and effective Sept. 30, the changes alter the MSRB's Rule G-3, on classification of principals and representatives, and makes corresponding changes to Rules G-7 on information concerning associated persons and G-27 on supervision.

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