Lanny Schwartz, Chief Regulatory Officer

Lanny Schwartz is Chief Regulatory Officer of the Municipal Securities Rulemaking Board, where he oversees rulemaking activities and regulatory policy development. 

Before joining the MSRB, Lanny spent more than a decade as a partner at Davis Polk & Wardwell LLP, where he provided regulatory counsel to broker-dealers, banks, swap dealers, securities exchanges and others, including advising on MSRB dealer and municipal advisor regulations, as well as on transactions. His leadership of Davis Polk’s trading and markets practice established Schwartz as a prominent legal counselor.

From 1999 to 2005, he served as executive vice president and general counsel at the Philadelphia Stock Exchange, advising senior management and leading the legal and regulatory departments. Earlier he was managing director and counsel for Bankers Trust Company, and worked as an associate at Cleary, Gottlieb, Steen & Hamilton and Coudert Brothers.

Lanny is the author of many articles on broker-dealer and market regulation and is a frequent speaker and panelist at industry conferences, as well as a former adjunct faculty member at the Columbia University Law School.

Lanny earned a bachelor’s degree from the University of Pennsylvania and a law degree from the New York University School of Law.


The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.