MSRB Executive Director Lynnette Kelly Receives Public Service Award

Date: May 10, 2012

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that MSRB Executive Director Lynnette Kelly has received the Municipal Forum of New York’s Public Service Award. Kelly accepted the award at the Forum’s 23rd Annual Awards and Urban Leadership Fellows Fundraising Dinner in New York on May 9, 2012, where she credited the staff of the MSRB for their commitment to the municipal market.

“There are many exceptional members of the municipal securities industry, and being selected as the recipient of the Forum’s Public Service Award is a true honor,” said Kelly. “I’d like to attribute this success to the hard work, dedication and talent of the entire MSRB staff.”

Kelly, who has been MSRB’s executive director since 2007, leads the day-to-day management of the self-regulatory organization whose mission is to promote a fair and efficient municipal market. During her tenure, the MSRB developed and launched the Electronic Municipal Market Access (EMMA) website, which has fundamentally changed the level of transparency in the municipal market and provides investors with free access to information that just a few years ago was difficult or impossible to obtain.

She also has overseen expansion of the MSRB’s mission under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to protect issuers of municipal securities, entities whose credit stands behind municipal securities and public pension plans, in addition to investors.  The Dodd-Frank Act also expanded the MSRB’s jurisdiction to include the regulation of municipal advisors as well as municipal securities dealers.

"With this award to Lynnette Kelly, the Municipal Forum of New York recognizes her accomplishments and that she has been the right person, at the right place at a critical juncture in this industry," said Richard Raphael, President of the Municipal Forum of New York’s Board of Governors and Group Managing Director, head of Fitch Ratings’ public finance department.

Alan Anders, a member of the Forum’s Board of Governors and Deputy Director of Finance for the New York City Office of Management and Budget, said, “Lynnette Kelly has been in a leadership role in the municipal bond market, in both the public sector and the private sector, for many years even before her appointment as head of the MSRB.  This award is well-deserved.”

The Municipal Forum of New York serves active members of the United States municipal securities industry through association activities including lunches and dinners featuring and recognizing prominent public sector and industry leaders of the public finance community.  The Forum, which includes thousands of municipal securities industry professionals, has as its guiding principles the upholding of the highest standards in financing America’s infrastructure and furthering best practices in public finance.

Before joining the MSRB, Kelly was a managing director and associate general counsel at the Securities Industry and Financial Markets Association where she helped develop and implement legal, regulatory and best market practices in the fixed income markets, with a focus on municipal finance. From 1990 to 1993, she served as general counsel for the Municipal Assistance Corporation for the City of New York, and has worked at several law firms in New York City in all areas of municipal finance.

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.