PHOENIX - The Municipal Securities Rulemaking Board is seeking applications for its board of directors, a group of key decision-makers whose input can shape the rules for the municipal market.


The five individuals who are “knowledgeable about the municipal market” would serve four-year terms, MSRB said. Board terms for the new members would begin with the MSRB’s new fiscal year on Oct. 1, 2018. The board consists of 11 independent members representative of the public, including investors, issuers, and other individuals who aren't regulated by the MSRB. The board also has 10 members who represent MSRB-regulated entities, including broker dealers, bank dealers and municipal advisors.

The applicants would fill two public and three regulated-entity positions.

“The MSRB is particularly interested in applicants with substantial experience in municipal securities retail sales, and trading desk and syndicate operations,” the MSRB said in a Monday release announcing the search. “The MSRB is also interested in retail and institutional investor applicants, particularly those with expertise in separately managed municipal accounts and market structure issues, and applicants with a securities law or legal background.”

The MSRB has taken some criticism over the years for selecting public members with close ties to dealer firms, such as retired persons who previously spent their careers as registered dealer representatives. The board publishes a complete list of applicants every year, so it is possible to see exactly who wasn’t selected. MSRB board members are instrumental in crafting rules that can have drastic impact on the market, although the board’s decisions are subject to Securities and Exchange Commission approval.

Applications are due no later than Feb. 16, and are available through the MSRB’s website.

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