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MSRB Advisory Groups

MSRB Advisory Groups

In response to stakeholder feedback and the value of previous advisory groups in support of the MSRB’s work and its mission, the MSRB Board of Directors creates specialized advisory groups consisting of qualified individuals representing diverse market perspectives and organizations. The groups provide subject-matter expertise to the Board on certain municipal securities market matters. Each advisory group includes Board member liaisons who help oversee advisory group activities. A standing Professional Qualifications Advisory Committee advises the Board on development of the MSRB’s professional qualification examinations.

In all, 30 experienced market professionals will share their municipal market and regulatory perspectives while serving on the Compliance Advisory Group (CAG) and Municipal Fund Securities Advisory Group (MFSAG).
 

advisory group by state
    
organization diversity
    
gender diversity
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Compliance Advisory Group

The Compliance Advisory Group provides input to the Board on the development of compliance resources and tools for brokers, dealers and municipal securities dealers and municipal advisors, such as checklists, sample templates, rule summaries and other educational material to enhance their understanding of MSRB rules and to assist their efforts in developing a compliance program reasonably designed to achieve compliance with MSRB rules. Dealers and municipal advisors are key intermediaries in the municipal securities market, and the MSRB, through the Compliance Advisory Group, seeks the input and expertise of these market professionals to help identify those areas where compliance clarification and assistance is warranted and will be most impactful.

Returning Members

  • Elyse Andrews, Financial Analyst & Chief Compliance Officer, Fiscal Advisors & Marketing, Inc.
  • Alyssa Glaser, Managing Director, Baker Tilly Municipal Advisors, LLC
  • Richard Hartke, Partner, Institutional Sales & Trading, CINCAP Investment Group, LLC
  • Heidi Kalisch, Vice President & Senior Compliance Manager, Hilltop Securities Inc.
  • Heather Melzer, Vice President & Compliance Program Manager, Robert W. Baird & Co. Inc.
  • Pamela Mobley, President & CEO, The RSI Group, LLC
  • Joshua Spurlock, Assistant Vice President & Lead Compliance Officer, Corporate and Investment Banking, Wells Fargo Securities LLC
  • Sydney Teixeira, Compliance Counsel, Capital Markets and Operations Compliance, Edward Jones

New Members

  • Stephen S. Berkeley, Chief Compliance Officer and Regulatory Counsel, Loop Capital LLC
  • Jason Ferguson, Director, Municipal Compliance, Barclays Capital Inc.
  • George Hinchcliff, Director, FIC Compliance Advisory, RBC Capital Markets
  • Lee Maverick, Chief Compliance Officer, Samco Capital Markets, Inc.
  • Rebekah Most, Vice President, Municipal Underwriting Operations Manager, D.A. Davidson & Co.
  • Richard Porreca, Fixed Income Compliance Manager, Janney Montgomery Scott, LLC
  • Michael G. Sudsina, President, Chief Executive Officer, and Chief Compliance Officer, Sudsina & Associates, LLC
     
Municipal Fund Securities Advisory Group

Reinstated in FY 2024 following a gap year, Municipal Fund Securities Advisory Group will provide input on industry practices, guidance and investor education related to 529 savings plans and Achieving a Better Life Experience Act of 2014 (ABLE) programs.

  • Kristia Adrian, Executive Director, National 529 Specialist, JP Morgan Asset Management
  • Rachel Biar, Assistant State Treasurer, Nebraska
  • Mary Anne Busse, Managing Director, Great Disclosure LLC
  • Paul Curley, CFA, Director of Savings Research, ISS Market Intelligence
  • Anthony Durkan, Vice President, Head of 529 Relationship Management, Fidelity Investments
  • Andrea Feirstein, Managing Director, AKF Consulting Group
  • Sean Flynn, Chief Compliance Officer, TIAA Financial Services
  • William Mastrodicasa, Managing Director, First Public, LLC
  • John Mitchell, Director of College Savings, Illinois State Treasurer's Office
  • Stephen Jobe, Senior Vice President 529 & ABLE, Vestwell State Savings, LLC
  • Richard J Polimeni, Director, Head of Education Savings Programs, Bank of America
  • Risa Schulz, Executive Director, Wealth Management, Morgan Stanley
  • Audrey Syatt, Associate General Counsel, Ascensus
  • Brea Tabernik, Product Leader, Managed Investments, Edward Jones
  • Sherri Wyatt, Chief Compliance Officer, Virginia529
     
Professional Qualifications Advisory Committee

The Professional Qualifications Advisory Committee (PQAC) advises the Board on development of the MSRB’s professional qualification examinations in accordance with the Standards for Educational and Psychological Testing. The Committee is composed of two subcommittees, each with 10­-15 municipal market practitioners representing a cross-section of the industry and possessing specific industry expertise. The subcommittees meet throughout the year to review municipal market content that should be included within industry examinations and to ensure the material is consistent with the regulatory requirements and job responsibilities of municipal market professionals. The subcommittees are also responsible for drafting and revising examination questions.

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