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Contact: Jennifer A. Galloway, Chief Communications Officer


Washington, DC – The Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization established by Congress to oversee the $3.9 trillion municipal securities market, is soliciting applications for five positions on its 21-member governing board.

The MSRB Board of Directors consists of 11 members who are representatives of the public, including investors, municipal entities and other individuals not regulated by the MSRB; and 10 members from firms that are regulated by the MSRB, including representatives of broker-dealers, bank dealers and municipal advisors. The Board is divided into four classes whose members serve staggered, four-year terms beginning October 1 in the year elected. In 2019 the Board will elect three public representatives and two regulated representatives. One of the regulated representatives must be a municipal advisor not affiliated with a broker-dealer or bank dealer firm.

The Board is charged with setting regulatory policy, authorizing rulemaking, enhancing market transparency systems and overseeing operations for the organization. The Board is currently overseeing MSRB strategic initiatives that include engaging in a retrospective rule review and facilitating regulatory compliance; engaging with municipal market stakeholders; exploring data and technology initiatives to optimize the use of municipal market data; and further enhancing the MSRB’s Electronic Municipal Market Access (EMMA®) website—a transparency tool used by market participants to monitor municipal security trade price, disclosure and other market information.

Qualified individuals from around the country representing diverse market perspectives and organizations are encouraged to apply for membership on the Board. All applicants must be knowledgeable of matters related to the municipal securities market. The MSRB is particularly interested in, with respect to the three public member positions, (1) individual investors or those who invest on their behalf and (2) individuals employed by frequent issuers. With respect to the two regulated member positions, the MSRB is required to select an unaffiliated municipal advisor for one of them, and is particularly interested in municipal advisors with broad experience with both competitive and negotiated transactions; individuals from any sector of the regulated industry will be considered for the other position. Board members are compensated for their service.

MSRB Rule A-3 outlines requirements for all applicants to the Board, including specific eligibility requirements to serve as a public or regulated Board member. Public representative candidates must meet the recently revised public independence standards. Qualified candidates representative of the municipal market’s gender and minority diversity are encouraged to apply.

Applications are available on the MSRB Board of Directors Application portal and will be accepted from January 7–February 15, 2019. Questions regarding the application and selection process should be directed to Mallory Bucher, Manager, Corporate Governance and Board Administration, at 202-838-1349 or

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.