MSRB Seeks Municipal Advisor Board Member Candidates

Date: July 22, 2010

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


Alexandria, VA – In response to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the 2010 Nominating Committee of the Municipal Securities Rulemaking Board (MSRB) has reopened its search for Board members in order to solicit nominations for municipal advisor candidates to serve for the term beginning on October 1, 2010.

As of October 1, 2010, the MSRB will be governed by a Board consisting of representatives of brokers, dealers, municipal securities dealers, municipal advisors and the public, with a majority of representatives being public members independent of any regulated entity. Generally, a “municipal advisor” is a person who is not a municipal entity or an employee of a municipal entity that (i) provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues; or (ii) undertakes a solicitation of a municipal entity. Municipal advisors include certain financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors. 

The Nominating Committee of the MSRB continues to consider persons previously recommended in response to the MSRB’s request for recommendations published in January 2010 (including persons who qualify as municipal advisor representatives). However, the MSRB has determined to provide an additional two-week period for further recommendations for potential municipal advisor candidates.

Submit the electronic MSRB municipal advisor candidate recommendation form, which is available here or by contacting Sara Majroh at, for receipt by no later than August 5, 2010, or mail a hard copy to Stanley Grayson, Chair, Nominating Committee, Municipal Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, VA 22314-3412.

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.