MSRB Announces Members of Compliance Advisory Group

Date: October 31, 2017

Contact: Jennifer A. Galloway, Chief Communications Officer 
              202-838-1500 
              jgalloway@msrb.org 

MSRB ANNOUNCES MEMBERS OF COMPLIANCE ADVISORY GROUP

Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today announced the members of its Compliance Advisory Group, which will provide expertise and input to the MSRB Board of Directors to help inform the organization’s long-term strategic goal to facilitate industry understanding of and compliance with MSRB rules.

“With the foundational rules for municipal advisors now in place and a landmark new investor protection rule taking effect next year, the MSRB is increasing our commitment to assisting regulated entities with understanding their rules of conduct and developing effective compliance procedures,” said Board Chair Lucy Hooper.

“We are bringing together a well-respected group of compliance-oriented senior executives from diverse regulated firms whose insights will help us prioritize the areas where the industry may benefit from further guidance or tools that support compliance.” 

Members of the Compliance Advisory Group are:

  • Steven Apfelbacher, President, Ehlers & Associates
  • Curt de Crinis, Managing Director, C.M. de Crinis & Co., Inc.
  • Robert Fippinger, Retired
  • Joey Frebes, Senior Vice President, KeyBanc Capital Markets
  • Jennifer Hash, Compliance Manager, Zions Bank Capital Markets/Zions Public Finance, Inc.
  • Steve Heaney, Director of Public Finance, Stifel, Nicolaus & Company, Inc.
  • Ben Juergens, Executive Director in the Legal and Compliance Division, Morgan Stanley
  • Leo Karwejna, Managing Director & Chief Compliance Officer, PFM
  • Tionna Pooler, President, Independent Public Advisors, LLC

The Compliance Advisory Group will meet periodically throughout Fiscal Year 2018 to discuss potential regulatory topics that may warrant additional compliance assistance, such as enhanced outreach and engagement, new guidance and resources, and improved digital communications for regulated entities.


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 Congressionally-chartered, 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 subject to oversight by the Securities and Exchange Commission.