Due to the impact COVID-19 has had on market participants, the MSRB extended the comment deadline on proposed amendments to MSRB Rule A-3 ("Membership on the Board") from March 30, 2020, to April 29, 2020. The proposed amendments are intended to improve Board governance and 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.
The MSRB proposed amendments to a rule on Board membership in order to improve governance.