MSRB Announces FY22 Compliance Advisory Group members

The Municipal Securities Rulemaking Board assigned a diverse group of municipal market professionals to its compliance and municipal funds advisory groups.

Twenty-nine people will offer their municipal market and regulatory perspectives through service on the MSRB’s Compliance Advisory Group and Municipal Fund Securities Advisory Group, which are in their 5th and 4th consecutive years respectively.

"We are delighted that such a diverse class of individuals serving in a broad array of roles have volunteered their time and expertise to help inform the MSRB’s important work,” said Donna Simonetti, MSRB board member and chair of the FY 2022 Compliance Advisory Group (CAG) in a Friday release.

Simonetti described the group, which was chosen from a process that began in November, as diverse, and pointed to their expertise on the application of MSRB rules regarding “reporting of municipal securities transactions, clearance and settlement of trades, and new issue processes including market data.”

The FY2022 CAG is comprised of 15 women and 14 men. According to the MSRB, three members identify as African American, one identifies as Asian American, and one as Latino American. Three advisory group members represent minority women-owned businesses.

When broken down by organizational type, the vast majority of the advisory members are broker dealers and municipal advisors. Five are state representatives.

Regionally, the majority of members are from the Northeast and the Midwest. Nine hail from New York, according to the MSRB, while seven advisory members come from a variety of Midwest states including Illinois, Iowa, Michigan, Missouri, Nebraska, and Wisconsin.

The Municipal Fund Securities Advisory Group (MFSAG) provides input to MSRB staff on municipal market practices and educational resources related to 529 savings plans and Achieving a Better Life Experience Act of 2014 (ABLE) programs.

In a statement, Thalia Meehan, MSRB board member and MFSAG FY 2022 chair acknowledged the group’s ongoing efforts. For the 2022 fiscal year, existing MFSAG members will continue to serve.

“We would like to thank our MFSAG members for their ongoing work of informing the MSRB on legislation and trends within the 529 plan space to help the MSRB develop compliance resources and educational materials related to municipal fund securities,” Meehan said.

For the compliance advisory group, the MSRB had encouraged people from regulated entities who serve in compliance, legal, trading and operations, including public officials and employees of municipal entities, to get involved. Advisory members serve in a volunteer capacity.

The CAG will “inform the MSRB’s compliance initiatives by providing feedback on compliance resources and tools to enhance dealers’ and municipal advisors’ understanding of MSRB rules and areas where compliance clarification and assistance may be warranted,” the MSRB said.

The organization added that throughout FY 2022, “both advisory groups will continue to be a resource to the MSRB in fostering a dialogue and working collaboratively with market participants.”

FY2022 CAG members include: Jeff D. Baize of Brookhurst Development Corporation, Jon Bronson of Zions Public Finance, Nathan Crow of Charles Schwab & Co., Kimberly Donovan of H2C Securities, Tommy Frain of Siebert Williams Shank & Co., Alyssa L. Glaser of Baker Tilly Municipal Advisors, and Jervis B. Hough of Blaylock Van, LLC.

Also: David Leslie of Bank of America, Cheryl Maddox of PFM Financial Advisors LLC, Mary McPike of Stifel Financial, Emily Metzler of MuniCap, David W. Moore of Roosevelt & Cross, Blake Morris of Hilltop Securities, Karen Warren of Stern Brothers & Co., and Mary M. Wong of RBC Capital Markets.