MSRB Announces Members of Investor Advisory Group

Date: November 10, 2016

Contact: Jennifer A. Galloway, Chief Communications Officer 


Washington, DC The Municipal Securities Rulemaking Board (MSRB) today announced the members of its 2017 Investor Advisory Group, which provides the MSRB’s Board of Directors with access to additional expertise on municipal market practices, transparency and investor protection issues. 

Members of the 2017 MSRB Investor Advisory Group are: 

  • Fred S. Cohen, SVP/Director, Municipal Bond Trading, AllianceBernstein LP
  • Jim Ladge, COO and Portfolio Manager, Appleton Partners, Inc.
  • Geoffrey L. Schechter, Investment Officer, MFS Investment Management
  • Justin Schwartz, Head of Municipal Money Markets, Vanguard Group, Inc.
  • Ben Smelser, Vice President and Senior Trader, Breckinridge Capital Advisors

“As the MSRB advances several significant investor protection proposals, the Investor Advisory Group will help ensure that the MSRB’s policies are informed by the expertise and perspectives of a diverse group of investors,” said MSRB Chair Colleen Woodell.

Among the topics the MSRB is addressing this year are primary offering practices and the potential addition of pre-trade data to the Electronic Municipal Market Access (EMMA) website. The advisory group, created in 2015, will meet periodically throughout the year, as directed by the Board.

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.