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MSRB requests comment on lengthening board member terms to four years
By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – The Municipal Securities Rulemaking Board is seeking public comment on a proposal to lengthen its board members’ terms to four years from three, according to a news release.
The draft amendments to MSRB Rule A-3 on board membership are designed to improve the continuity and institutional knowledge of the board, while still regularly adding new members, according to the release.
“As former board members frequently attest, there is a substantial learning curve when joining the board and members typically make increasing contributions with each year they become more knowledgeable about the work of the MSRB,” executive director Lynnette Kelly said in the release. “Given the complexity of many MSRB initiatives, we think a four-year board term is more appropriate and would enhance the board’s overall effectiveness and institutional knowledge.”
The board is responsible for establishing regulatory policies and overseeing the operations of the MSRB. It has 11 independent public members and 10 members from firms regulated by the MSRB, including broker-dealers, banks and municipal advisers. Each year, seven new members join the board as seven others complete their three-year terms.
The MSRB’s request for comment includes a draft transition. The deadline for comments is Nov. 19.
The MSRB is an Alexandria, Va.-based organization whose mission is to protect investors, municipal entities and the public interest by promoting a fair and efficient municipal market, regulating firms that engage in municipal securities and advisory activities, and promoting market transparency.
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