MSRB Proposes Amendments to Board Selection Process
The MSRB proposed rule amendments to Rules A-3 ("Board Membership") and A-6 ("Board Committees") to improve MSRB governance and transparency. (See also previous coverage.)
The proposed amendments will, among other things:
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lengthen the required separation period to five years for public representatives who have prior industry associations;
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reduce the Board size to 15 members through a transition plan that includes an interim year in which the Board will have 17 members;
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establish a requirement that at least two members of the 15-member Board be municipal advisors;
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impose a six-year term limit for Board members; and
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require that committees responsible for governance functions be chaired by public representatives.
The effective date for the proposed rule change is October 1, 2020.