The Municipal Securities Rulemaking Board (MSRB) Board of Directors consists of 21 members who are knowledgeable of matters related to the municipal securities markets. These members include 11 representatives of the public and 10 representatives of regulated entities in the municipal securities market. Members of the Board of Directors meet throughout the year to make policy decisions, authorize rulemaking, enhance market transparency systems and oversee operations. A professional staff manages the MSRB’s day-to-day operations under direction of the Board of Directors.
Board of Directors Composition
- Public Representatives - Eleven members of the Board of Directors are independent of any municipal securities broker, municipal securities dealer or municipal advisor. These members may represent institutional or retail investors in municipal securities, municipal entities or the public with knowledge of or experience in the municipal securities market.
- Regulated Representatives - Ten members of the Board of Directors are associated with brokers, dealers, municipal securities dealers or municipal advisors that engage in municipal securities or municipal advisory activities and are registered with (or are required to be registered with) the MSRB.
MSRB Rule A-3, “Membership on the Board,” discusses the nomination and election process, including provisions about eligibility and membership requirements.
Board Member Term of Office
The term of office for all Board of Directors members begins October 1 of the calendar year in which the member is elected and terminates on September 30 of the fourth year of service (See MSRB Notice 2016-10). Board members do not serve consecutive terms except under special circumstances.
Board Member Service
The Board of Directors convenes in-person at least quarterly at the MSRB's offices and other meeting locations, and conducts regular conference calls throughout the year. Attendance at these meetings is required.
Each member of the Board of Directors also serves on one or more committees or advisory groups, with assignments determined each fiscal year. Four standing committees – Audit Committee, Finance Committee, Nominating and Governance Committee and Steering Committee – perform work at the direction of the Board of Directors. The standing committees convene via conference calls periodically and conduct in-person meetings as necessary throughout the year. In addition to the standing committees, the Board Chair may appoint advisory groups to assist the Board of Directors and staff with its rulemaking and other responsibilities.
The responsibility of each standing committee is determined by its charter and all committees report directly to the Board of Directors.
Board Member Application and Election Process
Following an announcement each January, the MSRB accepts applications for available positions on the Board of Directors the following October. The Board’s Nominating and Governance Committee reviews applications, selects applicants for interviews and nominates candidates who are voted on by the Board of Directors. The MSRB then publicly announces the newly elected members and publishes the complete list of applicants on its website.