MSRB Seats New Board and Begins Fiscal Year

Date: October 1, 2015

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today began its new fiscal year and seated the 21-member Board of Directors that establishes regulatory policies and oversees operations. Among the MSRB’s priorities this year are implementation of municipal advisor regulations and a qualification exam, and improvements in transparency for investors of dealer mark-ups and other information related to the pricing of municipal securities.

The fiscal year 2016 Board of Directors includes six new members as well as new officers. Nathaniel Singer, who joined the Board in 2013, begins his term as Chair. Colleen Woodell, who also joined the Board in 2013, is Vice Chair.

Richard Ellis, who has served on the Board since 2012, will serve a second, three-year term to fill the vacancy created by the resignation of Megan Kilgore, a recently elected Board member who is no longer eligible to serve as a public member due to a change of employment.

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, Board members serve staggered three-year terms.

Four standing committees—Audit, Finance, Nominating and Governance, and Steering—perform work at the direction of the Board, with responsibilities defined by their charters. MSRB Board members serve on one or more committees.

MSRB Board of Directors, FY 2016 and Committee Assignments

Steve ApfelbacherFinance, and Nominating and Governance

Renee Boicourt* – Audit

Robert P. CochranSteering

Ronald Dieckman* – Audit, and Nominating and Governance

Richard K. Ellis* – Audit

Dall Forsythe Audit and Steering

Richard FroehlichSteering, and Nominating and Governance

Gary HallAudit, and Nominating and Governance

Lucy HooperFinance

Mark Kim* – Finance

Lakshmi Kommi Audit

James D. McKinneyNominating and Governance

Arthur MillerFinance and Steering

Christopher M. Ryon ­– Steering (non-voting member), Nominating and Governance

Rita SallisNominating and Governance

Andrew Sanford* – Nominating and Governance

Nathaniel SingerSteering

Edward Tishelman* – Nominating and Governance

Dale Turnipseed* – Nominating and Governance

Colleen WoodellSteering, and Nominating and Governance

Brian L. WynneFinance and Steering

* denotes Board member whose term begins October 1, 2015

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.