Federal Register: MSRB Proposes Updates to By-Laws to Reflect Recent Action on Board Governance
The MSRB proposed certain updates to its by-laws to reflect recent amendments to MSRB Rules A-3 ("Membership on the Board"), A-4 ("Meetings of the Board") and A-6 ("Committees of the Board"). The proposal was published in the Federal Register.
As previously covered, the amendments:
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lengthened the required separation period to five years for public representatives who have prior industry associations;
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reduced the board size to 15 members from 21 through a transition plan that includes an interim year in which the board will have 17 members;
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established a requirement that at least two members of the 15-member board be municipal advisors;
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imposed a six-year term limit for board members; and
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required that committees responsible for governance, nominations or audit functions be chaired by public representatives.
Comments on the proposed amendments are due within 21 days of publication in the Federal Register.