MSRB plans board membership rule changes to comply with Dodd-Frank Act

By Melissa Kory

Cleveland, Jan. 25 -The Municipal Securities Rulemaking Board said it filed two proposed changes to its board membership rules with the Securities and Exchange Commission to comply with the Dodd-Frank Act.

The amendments to MSRB Rule A-3(i) would establish a three-year term for the class of five board members who will begin service on Oct. 1, 2011. Furthermore, the class of board members would consist of two public members and three members representing MSRB regulated entities.

Consistent with the Dodd-Frank Act and Rule A-3(i), the board also filed a proposed rule change to permit the MSRB to maintain a majority public board of directors with 21 members.

The MSRB has filed the proposed rule changes for immediate effectiveness.

Questions about the rule amendments may be directed to Lawrence P. Sandor, senior associate general counsel, at 703 797-6600 or at lsandor@msrb.org.

MSRB transitional Rule A-3(i) was established to comply with the board composition requirements of section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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