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MSRB Extends Comment Deadline on Proposed Board Governance Amendments Due to COVID-19

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.

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