MSRB Announces Priorities for New Fiscal Year and Seats New Board

Date: October 1, 2013

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced its operating objectives for the fiscal year that begins October 1, 2013 and seated the 21-member Board of Directors that establishes regulatory policies and oversees the operations of the MSRB.

The Board includes seven new members as well as new officers. Daniel Heimowitz, who joined the Board in 2011, will serve as Chair. Joseph J. Geraci, who also joined the Board in 2011, will serve as Vice Chair. Four standing committees—Steering, Audit, Finance, and Nominating and Governance—perform work at the direction of the Board, with responsibilities defined by their charters. See a list of MSRB Board members and their committee assignments below.

In addition to its regulatory responsibilities, the Board will oversee the MSRB’s execution of its operating objectives, including two stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act. The MSRB plans to begin to implement a municipal advisor regulatory framework and further evaluate the interactions of non-issuer municipal entities with municipal advisors and dealers as a foundation for establishing any regulatory, educational and outreach initiatives. In 2014, the MSRB also plans to advance its efforts to improve price transparency in the municipal market, continue to simplify and rationalize its rulebook to promote regulatory efficiency and conduct rulemaking informed by a thorough analysis of costs, benefits and alternatives.

The MSRB Board of Directors has 11 independent public members and 10 members from firms regulated by the MSRB, including broker-dealers, banks and municipal advisors. In order to provide consistency of policy, seven individuals join the Board each year and seven others complete their three-year terms.

MSRB Board of Directors, 2013-14 and Committee Assignments

Kym S. Arnone, Finance Committee Chair and Steering Committee

Robert P. Cochran,* Finance Committee

Edward J. De La Rosa, Nominating and Governance Committee

Marianne F. Edmonds, Finance Committee

Marcy Edwards, Nominating and Governance Committee

Richard K. Ellis, Nominating and Governance Committee

Robert A. Fippinger, Nominating and Governance Committee and Steering Committee

Dall Forsythe, Audit Committee Chair and Steering Committee

Joseph J. Geraci, Nominating and Governance Committee and Steering Committee

Daniel Heimowitz, Steering Committee Chair and ex-officio member of all other committees

W. Bartley Hildreth, Audit Committee

Lakshmi Kommi*, Nominating and Governance Committee

James D. McKinney*, Nominating and Governance Committee

Craig A. Noble, Nominating and Governance Committee

Christopher M. Ryon*, Nominating and Governance Committee

Nathaniel Singer*, Nominating and Governance Committee

Benjamin S. Thompson, Finance Committee and Steering Committee

Noreen P. White, Audit Committee and Steering Committee

Robin L. Wiessmann, Nominating and Governance Committee Chair and Steering Committee

Colleen Woodell*, Audit Committee

Bryan L. Wynne*, Audit Committee


* denotes Board member whose term begins October 1, 2013

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.