Issuer representatives, investment bankers, lawyers and others will provide their input on where the Municipal Securities Rulemaking Board should focus its compliance efforts and provide guidance regarding 529 savings plans industry practices.
The MSRB announced the members of its Municipal Fund Securities Advisory group late Friday. For the past three years, members gave input on industry practices, guidance and education on 520 savings plans and Achieving a Better Life Experience Act of 2014.
The MSRB also selected members for its Compliance Advisory Group, first created four years ago. Those members will inform the board’s initiatives by finding where there needs to be more clarification in compliance and provide feedback on resources and tools to help dealers and municipal advisors more clearly understand MSRB rules.
“In forming the advisory groups, we take into consideration geographic diversity, gender and racial representation, and the incredible variety of firms and organizations that participate in the municipal securities market,” Manju Ganeriwala, MSRB board member and chair of the Municipal Fund Securities Advisory Group. “We will continue striving to create advisory groups that are truly reflective of the market we serve.”
Some recognizable names in the Compliance Advisory group include Barry Fick, executive director of the Minnesota Higher Education Facilities Authority. Fick also serves on the Government Finance Officer Association’s debt committee. Fick leads Minnesota’s state agency in financing all private higher education financing in Minnesota and is the financial advisory for over 400 bond issues with a par value of over $6 billion.
Others in that group include Jon Bronson, senior vice president and managing director for Zions Public Finance, Inc. He was previously a municipal advisor for the state of Utah. Meenah Kim, executive director at Morgan Stanley, will serve a second year in that compliance group.
Tania Askins, managing director at Estrada Hinojosa & Company LLC, Joseph Reece, chief compliance officer at Commerce Bank and Shelly Seals, a senior compliance officer for municipal trading at Edward Jones are among 16 others who will serve one-year terms in the compliance group.
In the Municipal Fund Securities Advisory group, which gives advice on 529 and ABLE plans, are a handful of state and local officials.
529 plans are tax-advantaged municipal fund securities designed to encourage saving for the future education expenses of a named beneficiary. ABLE programs are tax-advantaged savings accounts for individuals with disabilities and their families.
Karen Austin, chief of staff for the Iowa state treasurer; Rachel Biar, assistant Nebraska state treasurer; Dante Allen, executive director of the CalABLE Act board in the office of California state treasurer and Fernando Diaz, chief financial product officer for the Illinois state treasurer’s office will all give advice in the MSRB’s fund securities group.
Richard Polimeni, director and head of Bank of America’s education savings program was also selected for that group. At Bank of America, he manages $12 billion in 529 College Savings plans.
Others in that 15-member group include Kristia Adrian, vice president and national 529 specialist at JP Morgan; Amanda Muir, principal at Vanguard, Chris McGee, general counsel for Virginia529 and Mark A. Chapleau with the Chapleau Law Group.
