The Municipal Securities Rulemaking Board (MSRB) Board 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 market. Members of the Board of Directors meet throughout the year to make policy decisions, approve 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 MSRB 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 industry.
-
Regulated Representatives - Ten members of the MSRB Board of Directors are associated with a broker, dealer, municipal securities dealer or municipal advisor. These members represent brokers, dealers or municipal securities dealers that are not banks or subsidiaries or departments or divisions of banks; municipal securities dealers that are banks or subsidiaries or departments or divisions of banks; and municipal advisors that are not associated with a broker, dealer or municipal securities dealer.
Board Member Term of Office
The term of office for all Board of Directors members begins October 1 of the year in which the member is elected and terminates on September 30 of the third year of service. Board members do not serve consecutive terms except under special circumstances.
Board Member Service
The MSRB Board of Directors convenes in-person at least quarterly in Alexandria, Virginia and other meeting locations, and conducts regular conference calls throughout the year. Attendance at these meetings is required.
Each member of the MSRB Board of Directors also serves on one more committees and working groups, with assignments determined each fiscal year. Four standing committees – Audit Committee, Finance Committee, Nominating and Governance Committee and Steering Committee – and three working groups – Dealer Rulemaking Working Group, Market Information Rulemaking Working Group and Municipal Advisor Rulemaking Working Group perform work at the direction of the Board. The Committees and Working Groups convene via conference calls periodically and conduct in-person meetings as necessary throughout the year.
The responsibility of each Committee and Working Group is determined by its charter and all Committees and Working Groups report directly to the Board.
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 a slate of seven candidates that is 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.