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Contact:        Jennifer A. Galloway, Chief Communications Officer
                    (703) 797-6600
                    jgalloway@msrb.org
 

 MUNICIPAL SECURITIES RULEMAKING BOARD EXECUTIVE DIRECTOR DISCUSSES FINANICAL REFORM LAW

Alexandria, VA – Municipal Securities Rulemaking Board Executive Director Lynnette Kelly Hotchkiss today discussed the expanded mandate of the MSRB under the new financial reform law on Reuters Insider, a service of financial news company Thomson Reuters. 

Effective October 1, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act broadens the mission of the MSRB to include the protection of state and local governments and other municipal entities, in addition to investors and the public interest. The Act charges the MSRB with regulating municipal advisors, including financial advisors to state and local governments in connection with municipal securities, and other advisors to issuers and other municipal entities about financial products such as derivatives and guaranteed investment contracts.

With the MSRB’s expanded mission, the governing body of the MSRB will be reconstituted to consist of a majority of independent public members and include representation of municipal advisors, along with other regulated entities such as broker-dealers and banks. 

Click here to view the interview.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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