Lanny Schwartz Joins MSRB as Chief Regulatory Officer

Date: April 12, 2018

Contact: Jennifer A. Galloway, Chief Communications Officer


Washington, DC –  The Municipal Securities Rulemaking Board (MSRB) announced today that Lanny Schwartz will become its Chief Regulatory Officer on April 24, 2018. Schwartz, who has more than three decades of experience in banking and securities law, will oversee day-to-day rulemaking activities and regulatory policy development in this newly created role.

Schwartz joins the MSRB after more than a decade as a partner at Davis Polk & Wardwell LLP, where he provided regulatory counsel to broker-dealers, banks, swap dealers, securities exchanges and others, including advising on MSRB’s dealer and municipal advisor regulations, as well as on transactions. His leadership of Davis Polk’s trading and markets practice established Schwartz as a prominent legal counselor.

“Lanny’s exceptional regulatory policy and securities market experience is a huge win for the MSRB and the municipal market,” said MSRB President Lynnette Kelly. “He brings unparalleled securities law and market knowledge to our legal team that will benefit our market oversight.” The MSRB’s market regulation department provides legal expertise and support associated with rulemaking and the oversight of municipal market professionals, including municipal securities dealers and municipal advisors.

Schwartz is the author of many articles on broker-dealer and market regulation, and derivatives. He is also a frequent speaker and panelist at industry conferences, as well as a former adjunct faculty member at the Columbia University Law School.

Prior to Davis Polk & Wardwell LLP, Schwartz served as executive vice president and general counsel of the Philadelphia Stock Exchange, advising senior management and leading the legal and regulatory departments. Earlier he was managing director and counsel for Bankers Trust Company, and worked as an associate at Cleary, Gottlieb, Steen & Hamilton and Coudert Brothers.

Schwartz earned a bachelor’s degree from the University of Pennsylvania and a law degree from the New York University School of Law.

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.