MSRB Executive Director Discusses Financial Reform Law

Date: July 30, 2010

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

 MUNICIPAL SECURITIES RULEMAKING BOARD EXECUTIVE DIRECTOR DISCUSSES FINANICAL REFORM LAW

Alexandria, VA – Municipal Securities Rulemaking Board Executive Director Lynnette Kelly Hotchkiss today discussed the expanded mandate of the MSRB under the new financial reform law on Reuters Insider, a service of financial news company Thomson Reuters. 

Effective October 1, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act broadens the mission of the MSRB to include the protection of state and local governments and other municipal entities, in addition to investors and the public interest. The Act charges the MSRB with regulating municipal advisors, including financial advisors to state and local governments in connection with municipal securities, and other advisors to issuers and other municipal entities about financial products such as derivatives and guaranteed investment contracts.

With the MSRB’s expanded mission, the governing body of the MSRB will be reconstituted to consist of a majority of independent public members and include representation of municipal advisors, along with other regulated entities such as broker-dealers and banks. 

Click here to view the interview.


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 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 overseen by the Securities and Exchange Commission and Congress.