MSRB NOTICE 2010-22 (JULY 22, 2010)


In response to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the 2010 Nominating Committee of the Municipal Securities Rulemaking Board (MSRB) has reopened its search for Board members in order to solicit nominations for municipal advisor candidates to serve for the term beginning on October 1, 2010.

New Membership Requirement

As of October 1, 2010, the MSRB will be governed by a Board consisting of representatives of brokers, dealers, municipal securities dealers, municipal advisors and the public, with a majority of representatives being public members independent of any regulated entity. Generally, a “municipal advisor” is a person who is not a municipal entity or an employee of a municipal entity that (i) provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues; or (ii) undertakes a solicitation of a municipal entity. Municipal advisors include certain financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors.[1]

The Nominating Committee of the MSRB continues to consider persons previously recommended in response to the MSRB’s request for recommendations published in January 2010 (including persons who qualify as municipal advisor representatives). However, the MSRB has determined to provide an additional-two week period for further recommendations for potential municipal advisor candidates.

Procedure for Recommending Candidates

Click here to access the municipal advisor Board member candidate form and submit electronically for receipt by no later than August 5, 2010 or by mail to:

Stanley Grayson
Chair, Nominating Committee
Municipal Securities Rulemaking Board
1900 Duke Street, Suite 600
Alexandria, VA  22314-3412 

Questions about the candidate form may be directed to Sara Majroh at

July 22, 2010 

[1] See Section 975(e) of the Dodd-Frank Act.