MSRB Proposes Amendments to Board Membership Rule

The MSRB proposed amendments to MSRB Rule A-3 ("Membership on the Board") in order to improve Board governance.

According to the MSRB, the proposed amendments would, among other things:

• lengthen the required separation period for public representatives who have prior industry associations to five years;

• reduce the Board size to 15 members;

• impose a six-year term limit for Board members; and

• require that committees responsible for governance functions be chaired by public representatives.

Comments on the proposal must be submitted by March 30, 2020.