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Contact: Leah Szarek, Director of Communications


Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today announced the members of its new and continuing advisory groups. In all, 25 market professionals representing a broad and diverse cross-section of the industry will share their municipal market and regulatory perspectives while serving on the MSRB’s Compliance and Municipal Fund Securities Advisory Groups.

“The MSRB’s advisory groups provide the organization with another touch-point to the industry and further insight into the municipal securities market,” said Interim Chief Executive Officer and Chief Financial Officer and Treasurer Nanette D. Lawson. “We greatly value the contributions of the professionals who volunteer to serve on our advisory groups.”

In 2019, the MSRB established the Municipal Fund Securities (MFS) Advisory Group to provide input on rules, practices, transparency and investor education related to 529 savings plans and Achieving a Better Life Experience Act of 2014 (ABLE) programs. The members of this advisory group will continue for the current fiscal year to advance the critical initiatives that began in FY 2019.

For the third consecutive year, the MSRB’s compliance initiatives will be informed by the Compliance Advisory Group (CAG). The MSRB has selected new members for CAG to provide feedback on compliance resources, tools and educational materials to enhance dealers’ and municipal advisors’ understanding of MSRB rules and to assist their efforts in developing effective supervisory and compliance programs. Both advisory groups will continue to be a resource to the MSRB in advancing its strategic goal of enriching stakeholder engagement.

Advisory group members for the current fiscal year are listed below.

Compliance Advisory Group

  • Greg Byer, Principal/Municipal Advisor CCO/Deputy Compliance Director, Piper Jaffray & Co.
  • Scott Coya, Vice President/Deputy Chief Compliance Officer, Capital Markets and Operations, D.A. Davidson & Co.  
  • Jeremy Colgan, Compliance Officer/Senior Vice President, Municipal Securities Group, Jefferies, LLC
  • John Donohue, Vice President/Compliance and Operations Risk Management, M&T Securities
  • Barry Fick, Executive Director, Minnesota Higher Education Facilities Authority
  • Ryan Gilliam, General Counsel, Municipal Securities Division, Citigroup Global Markets 
  • Leo Karwejna, Managing Director, Chief Compliance Officer, PFM Financial Advisors
  • Meenah Kim, Executive Director, Legal Division, Morgan Stanley  
  • Rich Malone, Chief Operating Officer, Government Financial Strategies  
  • Christina Nagy, Fixed Income Compliance Manager/ Vice President, Janney Montgomery Scott
  • Tracie Palmer, General Counsel, Post Oak Municipal Advisors LLC
  • Greg Rosta, Director/Chief Compliance Officer, Broker-Dealer Compliance Team, BlackRock
  • Shelly Seals, Senior Compliance Manager, Capital Markets and Operations Compliance, Edward Jones
  • Courtney Shea, Managing Member, Columbia Capital Management, LLC
  • Dan Wiles, Assistant Treasurer and Tax Collector, Public Finance, Investments and Deferred Income, County of Los Angeles

Municipal Fund Securities Advisory Group

  • Mary Anne Busse, Managing Director, Great Disclosure LLC
  • James Canup, Partner, Hirschler Fleischer
  • Paul Curley, Director of College Savings Research, Strategic Insight
  • Richard Ellis, Executive Director, my529
  • Andrea Feirstein, Managing Director, AKF Consulting Group
  • Nathan Groff, Owner and Senior Executive Officer, Intuition LLC
  • John Heywood
  • Mary Lehman, Senior Director, Tuition Financing, 529 College Savings Program Manager, TIAA
  • Sandy Madden, Managing Director, Madden Consulting
  • Christopher T. McGee, General Counsel, Virginia 529 | ABLEnow
  • Jennifer Selliers, Director of Internal Compliance, State of Tennessee Department of Treasury




The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.