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Board Advisory Groups

In response to stakeholder feedback and the value of previous advisory groups in support of the MSRB’s work and its mission, the MSRB Board of Directors creates specialized Board advisory groups consisting of qualified individuals representing diverse market perspectives and organizations. The groups provide subject-matter expertise to the Board on certain municipal securities market matters. Each advisory group includes Board member liaisons who help oversee advisory group activities. A standing Professional Qualifications Advisory Committee advises the Board on development of the MSRB’s professional qualification examinations.

For fiscal year 2023, a diverse group of 15 professionals on the Compliance Advisory Group will be sharing perspectives with the MSRB.

CAG map 2023

 

     
CAG 2023 pie chart

 

     
CAG 2023 diversity

 

  

 Click images above for larger view
 

The Compliance Advisory Group provides input to the Board on the development of compliance resources and tools for brokers, dealers and municipal securities dealers and municipal advisors, such as checklists, sample templates, rule summaries and other educational material to enhance their understanding of MSRB rules and to assist their efforts in developing a compliance program reasonably designed to achieve compliance with MSRB rules. Dealers and municipal advisors are key intermediaries in the municipal securities market, and the MSRB, through the Compliance Advisory Group, seeks the input and expertise of these market professionals to help identify those areas where compliance clarification and assistance is warranted and will be most impactful.

  • Elyse Andrews, Financial Analyst & Chief Compliance Officer, Fiscal Advisors & Marketing, Inc.
  • Kimberly Donovan, Compliance Manager / Vice President, H2C Securities Inc.
  • Thomas Frain, Deputy Compliance Officer, Siebert Williams Shank & Co., LLC
  • Alyssa Glaser, Managing Director, Baker Tilly Municipal Advisors, LLC
  • Richard Hartke, Partner, Institutional Sales & Trading, CINCAP Investment Group, LLC
  • Heidi Kalisch, Vice President / Compliance Manager, Sr, Hilltop Securities Inc.
  • David Leslie, Director, Fixed Income Compliance and Operational Risk Management, Bank of America, NA/MSD
  • Mary McPike, Deputy General Counsel, Stifel, Nicolaus & Co., Inc.
  • Heather Melzer, Vice President / Compliance Program Manager, Public Finance & Municipal Underwriting, Robert W. Baird & Co., Inc.
  • Emily Metzler, Senior Vice President/ Chief Compliance Officer, MuniCap, Inc.
  • Pamela Mobley, President & CEO, RSI Group, LLC
  • Joshua Spurlock, Assistant Vice President, Lead Compliance Officer, Corporate and Investment Banking, Wells Fargo Securities, LLC
  • Sydney Teixeira, Compliance Counsel – Capital Markets and Operations Compliance, Edward Jones
  • Karen Warren, Principal Operations Officer, Stern Brothers & Co.
  • Mary Wong, Director & Head, Transaction Review Group, RBC Capital Markets, LLC

The Professional Qualifications Advisory Committee (PQAC) advises the Board on development of the MSRB’s professional qualification examinations in accordance with the Standards for Educational and Psychological Testing. The Committee is composed of two subcommittees, each with 10­-15 municipal market practitioners representing a cross-section of the industry and possessing specific industry expertise. The subcommittees meet throughout the year to review municipal market content that should be included within industry examinations and to ensure the material is consistent with the regulatory requirements and job responsibilities of municipal market professionals. The subcommittees are also responsible for drafting and revising examination questions.

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