The Municipal Securities Rulemaking Board has adopted rule changes allowing it to have 21 board members on a permanent basis after the Securities and Exchange Commission approved the larger size.

The changes to the MSRB’s Rule A-3 on membership, which the SEC approved Wednesday, would allow board members who were elected before July 2011 and whose terms would end on or after Sept. 30, 2012, to be considered for extensions of up to two more years. The goal of the longer terms would be to create three classes of seven members each whose terms expire on a staggered basis every three years.

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