The Municipal Securities Rulemaking Board Thursday announced the members of its 2025 advisory groups, including those tapped for a new group that will focus on the intersection of technological innovation and municipal securities market regulation.
The advisory groups include a cross section of muni market experts who will provide insights that inform MSRB's regulatory and compliance initiatives, MSRB, the principal regulator of the roughly $4 trillion municipal securities market, said in a press release.
A total of 41 market professionals have been picked to serve across the Compliance Advisory Group (CAG), the Municipal Fund Securities Advisory Group (MFSAG) and the newly formed Technology Advisory Group (TAG), the release said. Advisory groups meet several times throughout the year, MSRB's release said.
"We look forward to working with our returning members and new members as they serve a critical role in enhancing MSRB's rulemaking, compliance initiatives, and market transparency efforts," Warren "Bo" Daniels, chair of the MSRB Board of Directors, said in the release.
CAG, now in its eighth year, will continue to provide feedback regarding MSRB's compliance initiatives to help dealers and municipal advisors effectively navigate regulatory requirements, the release said.
MFSAG, which was set up to focus on regulatory issues and investor education in the municipal fund securities space including 529 savings plans and Achieving a Better Life Experience Act of 2014 (ABLE) programs, will continue to offer insight in support of MSRB's regulatory guidance, transparency and educational initiatives, the release said.
TAG will offer input on technology topics and evaluate market trends to identify opportunities as well as challenges, the release said.
CAG's returning members according to the release are: Stephen S. Berkeley, chief compliance officer and regulatory counsel, Loop Capital LLC; Jason Ferguson, director, municipal compliance, Barclays Capital Inc.; George Hinchcliff, director, FIC compliance advisory, RBC Capital Markets; Lee Maverick, chief compliance officer, Samco Capital Markets, Inc.; Rebekah Most, vice president, municipal underwriting operations manager, D.A. Davidson & Co.; Richard Porreca, fixed income compliance manager, Janney Montgomery Scott, LLC; and Michael G. Sudsina, president, chief executive officer, and chief compliance officer, Sudsina & Associates, LLC.
New CAG members are: Joanna Bowes, managing director, head of education group, KNN Public Finance, LLC; Robert Cox, senior VP infrastructure and public finance, Siebert Williams Shank & Co., LLC; John Szwagulak, chief compliance officer, enterprise compliance and risk director, SVP, Huntington Securities, Inc.; and Stacey Walter, compliance officer & controller, Columbia Capital Management, LLC, the release said.
MFSAG members – all returning members – are: Kristia Adrian, executive director, national 529 specialist, JP Morgan Asset Management; Rachel Biar, deputy state treasurer for savings programs, Nebraska; Mary Anne Busse, managing director, Great Disclosure LLC; Paul Curley, CFA, director of savings research, ISS Market Intelligence; Anthony Durkan, vice president, head of 529 relationship management, Fidelity Investments; Andrea Feirstein, managing director, AKF Consulting Group; Sean Flynn, chief compliance officer, TIAA-CREF Tuition Financing, Inc.; Stephen Jobe, senior vice president, Vestwell; William Mastrodicasa, managing director, First Public, LLC; John Mitchell, director of college savings and deputy chief, financial products, Illinois State Treasurer's Office; Richard J. Polimeni, managing director, head of education savings programs, Bank of America; Risa Schulz, executive director, wealth management, Morgan Stanley; Audrey Syatt, associate general counsel, Ascensus; Brea Tabernik, product leader, managed investments, Edward Jones; and Sherri Wyatt, chief compliance officer, Virginia529, according to the release.
Members of TAG are: Peter Borstelmann, president, ICE Bonds; Vinay Dayal, director, finance and treasury, Long Island Power Authority; Matthew Gerstenfeld, co-founder and CEO, Munichain; Joseph Hemphill, president/CEO, Regional Brokers Inc.; Christopher Johnson, head of municipal product, Tradeweb; Abhishek Lodha, director of secondary market FinTech strategy, Assured Guaranty; Daniel Pecoraro, head of municipal trading, Millennium Advisors, LLC; Shawn Quant, chief information and operations officer, Piper Sandler; Adam Shane, head of municipal bond portfolio management, Northern Trust Asset Management; Laura Slaughter, executive director, Municipal Advisory Council of Texas; Todd Smith, director, BlackRock; Tyler Traudt, co-founder & CEO, DebtBook; Thomas Tulp, CEO and founder, Semper Augustus Consulting, LLC; Stephen Winterstein, chief executive officer, ficc.ai; and Nusa Znuderl, head of E-Trading and quantitative strategies, Jefferies LLC, municipal securities sales and trading, MSRB's release said.
In a statement, Borstelmann expressed excitement about joining TAG.
"I look forward to representing ICE and its customers, collaborating with my fellow committee members to assess market trends, and exploring opportunities to drive innovation, efficiency, and transparency in the municipal market," the ICE Bonds president said in the statement.
