SEC Approves MSRB Board Membership Amendments

The SEC approved amendments to MSRB Rule A-3 that concern MSRB Board membership, the qualifications for membership and the tenure of members.

The approved amendments (i) lengthen the term of MSRB members' service, (ii) change the number and size of MSRB classes, (iii) limit the number of consecutive terms for which an MSRB member can serve, (iv) eliminate the requirement that at least one advisor per class must not be affiliated with a dealer, (v) delete an obsolete transition provision, and (vi) provide a technical update to the name of an MSRB committee.

The amendments became effective on March 17, 2016.