The Municipal Securities Rulemaking Board is now accepting applications for two regulated and two public board members to join its 15-person board for the 2023 fiscal year, and is particularly seeking a non-dealer muni advisor and an institutional investor.
The application period runs through Feb. 7. The nominating committee, led by Meredith Hathorn, MSRB vice chair, is seeking for its two regulated member positions, at least one municipal advisor not affiliated with a broker-dealer or bank and for the two public board member positions, the MSRB is interested in including an institutional investor, the board said.
Those interested in applying are required to complete the online application form on the MSRB Board of Directors Application Portal with further instructions available through the MSRB’s website.
“Once applications are submitted, MSRB staff conducts an initial review to confirm each applicant’s category as a public or regulated representative and ensure that all necessary information has been provided in the application,” the release said.
“The Board’s Nominating Committee then reviews all applications and selects candidates for interviews. Additional documentation, including a Board Member Candidate Questionnaire and consent to a background check are required for applications who are interviewed.”
The nomination process will be concluded after the interview process is completed and the nominating committee selects the new class of board members during its fourth quarter meeting of the 2022 fiscal year.
“Upholding the public’s trust in the integrity of the municipal market requires that our governing board represent the broad universe of market participants and stakeholders,” Hathorn said. “In addition to representing the wide variety of backgrounds and perspectives that contribute to the field of public finance, we would like the board to reflect the diversity of the communities we serve, and we encourage all qualified individuals to apply.”
The MSRB board of directors is made up of eight members representative of the public and seven members representative of MSRB-regulated broker-dealers, banks and municipal advisors. The board must remain majority public by federal law, therefore those representing broker-dealers and municipal advisors must never outweigh those who represent the public.
Selected candidates will serve four year terms, with MSRB chair Patrick Brett, Caroline Cruise, Joseph Darcy, Francis Fairman and Daniel Kiley departing the board as of Sept. 30, 2022.
Rule changes in 2020 shrunk the 21-member board down to its pre-Dodd Frank size of 15, in addition to tightening the independence standards that govern who can be considered a member of the public.