WASHINGTON - The Municipal Securities Rulemaking Board is creating two new advisory groups and seeking volunteers to fill a total of three groups that will begin meeting during the board's new fiscal year that begins Oct. 1.
The MSRB announced Tuesday that in the new fiscal year it will create a new Retail Investor Advisory Group and a new Municipal Fund Securities Advisory Group. It will also renew its Compliance Advisory Group, which it created last year.
The board is seeking “qualified individuals from around the country representing diverse marker perspectives and organizations” to fill all three groups, the board announced in a release. Applications are due by Sept. 28.
“We are committed to enhancing stakeholder engagement to further inform and support success of MSRB initiatives,” said MSRB President and CEO Lynnette Kelly. “By bringing together a range of market professionals and other stakeholders, we can better prioritize regulatory, transparency, compliance and other initiatives that enhance market efficiency and integrity.”
The Compliance Advisory Group, the members of which were announced at the end of last October, included some well-known figures in the muni market as well as retired former MSRB chief legal officer Robert Fippinger. The group provided input on regulatory guidance, advisories, best practices and educational materials for dealers and municipal advisors, according to the MSRB.
The renewed group will continue that work, and “identify and clarify those areas where compliance assistance is warranted and will be most effective,” the board said.
The new Retail Investor Advisory Group will include retail investors, retail brokers, and others who work with the municipal securities retail market. Its mission will be to provide the board with input on “rules, practices, transparency and education as they relate to retail investor protection issues.”
The Municipal Fund Securities Advisory Group will provide input on municipal market rules, practices, transparency and education related to 529 college savings plans and Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE) programs.
The MSRB is in the midst of an effort launched last year to refine and expand the data elements it collects on 529 plans and ABLE programs, which are both types of municipal fund securities. The MSRB regulates dealers that underwrite or sell interests in 529 plans and ABLE accounts.
“The advisory group will provide technical and other assistance related to this effort as well as provide expert input regarding any regulatory guidance, transparency initiatives or educational resources relating to municipal fund securities,” the MSRB said.
According to the board, the advisory groups will generally meet via conference call but may also meet in person. Advisory group members will be reimbursed for their travel costs related to in-person meetings, but will not otherwise be paid.
Those interested should submit to the MSRB their names, a biography detailing their muni experience, and a statement of interest in serving on one of the groups. The MSRB also wants interested individuals to identify topics they recommend the advisory group address.
Advisory group meetings are non-public “to promote free and open discussion on all topics, and to promote an environment in which impartial judgment may be exercised,” the MSRB said.
