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.

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.
 

The Municipal Fund Securities Advisory Group provides input on industry practices, guidance and investor education related to 529 savings plans and Achieving a Better Life Experience Act of 2014 (ABLE) programs.

As technology evolves and continues to intersect with regulation and the financial markets, the Technology Advisory Group will provide input on technology innovation and assess market trends to identify opportunities and challenges as it pertains to the municipal securities market. The insights and expertise of TAG members could further inform the MSRB’s long-term technology strategy and advance the strategic goal of promoting market transparency. TAG may discuss a broad range of topics such as technology innovation in the municipal market, including the impact of new market products, platforms, and entrants on market regulation, market fairness, and investor/issuer protection; the MSRB’s technology investment priorities and strategy; advances in artificial intelligence in the municipal market, and related risks and opportunities; technology-related risks and vulnerabilities to MSRB and market participants; differential impacts of evolving technologies on various municipal market stakeholders including issuers and retail investors; and technology implementation costs of regulatory initiatives.

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.