MSRB searching for new board members

The Municipal Securities Rulemaking Board has opened its search for three new board members: two public representatives and one representative from the regulated side, to serve for the 2025 fiscal year. 

Selected nominees will be elected to four-year terms beginning Oct. 1, and will join the full fifteen-member Board which represents a cross section of the public, securities industry professionals, investors, and municipal entities. Board members receive an annual stipend of $65,000.

Seven of the members come from firms regulated by the MSRB, including broker-dealers, banks and non-dealer municipal advisors. The eight public representatives are required to be "independent of any municipal securities broker, municipal securities dealer, or municipal advisor."

The MSRB is putting extra emphasis on finding leaders skilled in key areas. "We are particularly interested in applicants with compliance experience and an understanding of the role of technology in the municipal securities market to help provide oversight of the MSRB's market transparency and regulatory initiatives," said Jennie Huang Bennett, MSRB Board member and Chair of the Board's Nominating Committee, in an earlier statement.  

The three new members will be replacing Meredith Hathorn, who is currently serving as the Chair, Angelia Schmidt serving as the Vice-Chair, and Thalia Meehan. All their terms expire Sept. 30.

The Board is charged with setting regulatory policy, authorizing rulemaking, enhancing market transparency systems and overseeing operations for the organization. The MSRB as a whole is facing a challenging year as it reckons with new rules requiring one-minute trade reporting, and  a new proposal aimed at soliciting market feedback on pre-trade data.

Applications should be submitted through the MSRB Board of Directors Application Portal and will be accepted from Jan. 2, through Feb. 9. At least one letter of recommendation must be submitted with the application. 

MSRB then conducts an initial review to confirm each applicant's category as a public or regulated representative and ensures that all necessary information has been provided in the application.

The Board's Nominating Committee reviews applications and schedules interviews. Additional documentation and background check are also required for applicants who are interviewed. 

The nominating process is scheduled for completion by Sept. 30 when the members will be publicly announced and published on the MSRB's website.

Additional details on the Board application process, including a copy of the application form for preview, information about Board service requirements and FAQs are available on the MSRB's website.