MSRB Proposes Amendments To Board Selection Process

The MSRB proposed rule amendments to Rules A-3 ("Board Membership") and A-6 ("Board Committees") to improve MSRB governance and transparency. (See also previous coverage.)

The proposed amendments will, among other things:

• lengthen the required separation period to five years for public representatives who have prior industry associations;
• reduce the Board size to 15 members through a transition plan that includes an interim year in which the Board will have 17 members;
• establish a requirement that at least two members of the 15-member Board be municipal advisors;
• impose a six-year term limit for Board members; and
• require that committees responsible for governance functions be chaired by public representatives.