The Municipal Securities Rulemaking Board is restructuring its 15-member board and will have to elect two new securities-dealer representatives in the wake of the upheaval on Wall Street.

The board has moved Ronald Stack, the former head of public finance and managing director at Lehman Brothers, from a securities-dealer slot to an open bank-dealer seat yesterday, following Barclays Capital's purchase of Lehman's broker-dealer unit last week for $1.75 billion.

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