MSRB Names General Counsel and Chief Compliance Officer

Date: July 10, 2017

Contact: Jennifer A. Galloway, Chief Communications Officer


Washington, DC – The Municipal Securities Rulemaking Board (MSRB) announced today that it has promoted Michael L. Post, who has held leadership roles in the MSRB’s Market Regulation department since 2013, to serve as General Counsel. In this role, Post will serve as senior legal counsel and policy advisor to the Board of Directors, and will oversee Board governance, rulemaking for municipal securities dealers and municipal advisors, regulatory relationships and legislative affairs.

“Mike has successfully guided the MSRB’s regulatory affairs through an intense period of rulemaking, driven in part by our expanded mandate under the Dodd-Frank Act and the priorities outlined in the 2012 Securities and Exchange Commission Report on the Municipal Securities Market,” said MSRB Executive Director Lynnette Kelly. “He is a trusted advisor to the Board and we are thrilled to have him step into this role as our Chief Legal Officer, Bob Fippinger, departs at the end of the month.”

Before joining the MSRB as Deputy General Counsel in 2013, Post served for more than 10 years in various senior roles at the Securities and Exchange Commission (SEC). From 2007 to 2009, he was Counsel to Chairman Christopher Cox, advising on a wide range of legal, policy and management issues arising primarily out of the Division of Trading and Markets, Division of Enforcement and Office of Municipal Securities. He also served as a senior litigation counsel in the appellate group in the SEC's Office of the General Counsel and received the Manuel F. Cohen Outstanding SEC Younger Lawyer Award. From 1998 to 2003 Post was in private practice in the Supreme Court and appellate litigation group at Sidley Austin LLP. He began his legal career as a judicial law clerk to Judge Paul J. Kelly, Jr. on the U.S. Court of Appeals for the Tenth Circuit.

Post earned a juris doctor from The George Washington University Law School, a master’s of public administration degree in public policy analysis from Arizona State University and a bachelor’s degree in economics from the University of California, Los Angeles.

The MSRB also announced that it has named Gail Marshall Chief Compliance Officer. Marshall has served as Associate General Counsel – Enforcement Coordination since 2015. She is responsible for managing the MSRB’s professional qualifications program, enforcement support initiatives and internal corporate legal activities.

“Gail is an indispensable resource for fellow securities regulators and MSRB-regulated firms,” Kelly said. “She works tirelessly to support industry needs and facilitate regulatory compliance.”

Prior to joining the MSRB as Associate General Counsel in 2015, Marshall served as Of Counsel at Bingham McCutchen LLP from 2000-2015 where she advised broker-dealers and investment advisers on compliance with federal, state and self-regulatory organization regulatory matters, and represented clients in examination and enforcement proceedings. Earlier she was an attorney with the SEC where she served as special counsel to Commissioner Isaac C. Hunt, Jr., as well as special counsel in the Division of Trading and Markets and Division of Enforcement.

Marshall received a master’s of law in securities and financial regulation from Georgetown University Law Center, a juris doctor from New England School of Law and a bachelor’s degree in management from Westfield State University.

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.