MSRB to Create Investor Advisory Group

The MSRB announced that it will establish an investor advisory group to provide the MSRB's Board of Directors with additional expertise on municipal market practices, transparency and investor protection issues.

Earlier, the MSRB Board requested comments on a proposal to modify the application of the standard of independence for the one public member of the board who was designated to represent institutional or retail investors in municipal securities. The goal of the proposal was to allow the MSRB to distinguish between an investor representative with significant knowledge of the municipal securities market and a broader group of applicants. The Board determined not to pursue changes to the rule that pertain to the standard of independence at this time.

"We are satisfied that the creation of the advisory group will address our current concerns and provide an excellent way for us to access the knowledge of experienced municipal securities investors," MSRB Board Chair Kym Arnone reported.