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

MSRB SEATS NEW BOARD AND BEGINS FISCAL YEAR

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today began its new fiscal year and seated the 21-member Board of Directors that establishes regulatory policies and oversees operations. Among the MSRB’s priorities this year are implementation of municipal advisor regulations and a qualification exam, and improvements in transparency for investors of dealer mark-ups and other information related to the pricing of municipal securities.

The fiscal year 2016 Board of Directors includes six new members as well as new officers. Nathaniel Singer, who joined the Board in 2013, begins his term as Chair. Colleen Woodell, who also joined the Board in 2013, is Vice Chair.

Richard Ellis, who has served on the Board since 2012, will serve a second, three-year term to fill the vacancy created by the resignation of Megan Kilgore, a recently elected Board member who is no longer eligible to serve as a public member due to a change of employment.

The MSRB Board of Directors has 11 independent public members and 10 members from firms regulated by the MSRB, including broker-dealers, banks and municipal advisors. In order to provide consistency of policy, Board members serve staggered three-year terms.

Four standing committees—Audit, Finance, Nominating and Governance, and Steering—perform work at the direction of the Board, with responsibilities defined by their charters. MSRB Board members serve on one or more committees.

MSRB Board of Directors, FY 2016 and Committee Assignments

Steve Apfelbacher – Finance, and Nominating and Governance

Renee Boicourt* – Audit

Robert P. Cochran – Steering

Ronald Dieckman* – Audit, and Nominating and Governance

Richard K. Ellis* – Audit

Dall Forsythe – Audit and Steering

Richard Froehlich – Steering, and Nominating and Governance

Gary Hall – Audit, and Nominating and Governance

Lucy Hooper – Finance

Mark Kim* – Finance

Lakshmi Kommi – Audit

James D. McKinney – Nominating and Governance

Arthur Miller – Finance and Steering

Christopher M. Ryon ­– Steering (non-voting member), Nominating and Governance

Rita Sallis – Nominating and Governance

Andrew Sanford* – Nominating and Governance

Nathaniel Singer – Steering

Edward Tishelman* – Nominating and Governance

Dale Turnipseed* – Nominating and Governance

Colleen Woodell – Steering, and Nominating and Governance

Brian L. Wynne – Finance and Steering

* denotes Board member whose term begins October 1, 2015

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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