The Municipal Securities Rulemaking Board (MSRB) Board of Directors consists of 15 members, who are knowledgeable of matters related to the municipal securities markets. These members include eight representatives of the public and seven representatives of regulated entities in the municipal securities market. Members of the Board of Directors meet throughout the year to make policy decisions, authorize rulemaking, enhance market transparency systems and oversee operations. A professional staff manages the MSRB’s day-to-day operations under direction of the Board of Directors.
Board of Directors Composition
- Public Representatives - Eight members of the Board of Directors are independent of any municipal securities broker, municipal securities dealer or municipal advisor. These members are representative of institutional or retail investors in municipal securities or municipal entities or are members of the public with knowledge of or experience in the municipal securities market.
- Regulated Representatives - Seven members of the Board of Directors are associated with brokers, dealers, municipal securities dealers or municipal advisors that engage in municipal securities or municipal advisory activities and are registered with the MSRB.
MSRB Rule A-3, “Board Membership: Composition, Elections, Removal, Compensation,” discusses the nomination and election process, including provisions about eligibility and membership requirements. Following an announcement each year, the MSRB accepts applications for available positions on the Board of Directors for terms beginning the following October. Generally, the Board application process opens in January for terms commencing in October.
Board Member Term of Service
The term of service for Board of Directors members begins October 1 of the calendar year in which the member is elected and terminates on September 30 of the fourth year of service.
Board Member Service
The Board of Directors convenes in-person at least quarterly at the MSRB's offices. Under exigent circumstances, the Board may determine to hold a quarterly meeting by conference call or virtually. The Board may also schedule additional meetings in between quarterly meetings. Attendance at these meetings is required.
Each member of the Board of Directors also serves on one or more standing committees, with assignments determined each fiscal year. Five standing committees – Audit and Risk Committee, Finance Committee, Governance Committee, Nominating Committee and Steering Committee – perform work at the direction of the Board of Directors. In addition to the standing committees, advisory groups or other ad hoc groups may be appointed to assist the Board of Directors and staff. The standing committees and advisory groups convene via conference calls or virtually periodically and may conduct in-person meetings as necessary throughout the year.
The responsibility of each standing committee is determined by its charter and all committees report directly to the Board of Directors.