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

MSRB SEEKS TO CREATE NOMINATING COMMITTEE WITH MAJORITY OF PUBLIC MEMBERS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today filed a proposal with the Securities and Exchange Commission to create a Nominating Committee of the MSRB Board of Directors that consists of a majority of public members.

The MSRB recently seated its first majority-public Board of Directors to comply with provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consistent with this Board structure effective October 1, 2010, the MSRB’s proposal requires the MSRB’s Nominating Committee, which nominates new Board members, to be composed of a majority of public members with fair representation of industry members that include broker-dealers, bank dealers and municipal advisors.

The MSRB's proposal seeks to establish a Nominating Committee for fiscal year 2011 that includes six public Board members and five industry Board members. The public members will consist of between one and three representatives each of investors, municipal entities and public members who are not investors or municipal entities. The five industry members will consist of one or two representatives each of broker-dealers, bank dealers and non-dealer municipal advisors.

“Establishing a public-majority Nominating Committee ensures that it reflects the new composition of our Board,” said MSRB Executive Director Lynnette Kelly Hotchkiss.

Read MSRB Notice 2010-48 about the filing.

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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