WASHINGTON — Lanny Schwartz, an attorney who worked at a large firm in New York, will soon join the Municipal Securities Rulemaking Board as chief regulatory officer, where he will be tasked with overseeing the MSRB's day-to-day rulemaking activities.
The MSRB announced Thursday that Schwartz would assume this newly created post as of April 24, and will be working out of the board’s Washington office.
He comes to the MSRB from Davis Polk & Wardwell, where he had been since January 2005. As a leader of the law firm’s trading and markets practice, he advised broker-dealers, banks, swap dealers, securities exchanges and others, on various regulatory and transactional matters, including the MSRB’s dealer and municipal advisor rules.
Schwartz’s leadership role at Davis Polk established him as a “prominent legal counselor,” the MSRB said.
“Lanny’s exceptional regulatory policy and securities market experience is a huge win for the MSRB and the municipal market,” said MSRB President Lynnette Kelly. “He brings unparalleled securities law and market knowledge to our legal team that will benefit our market oversight.”
Schwartz has authored many articles on broker-dealer and market regulation, as well as on derivatives. He is also a frequent speaker and panelist at industry conferences, as well as a former adjunct faculty member at the Columbia University Law School.
One profile of him said he was leading figure in counseling clients on the Dodd-Frank Act, including over-the-counter derivatives reform, municipals advisors and the Volcker Rule.
Prior to Davis Polk & Wardwell, Schwartz served as executive vice president and general counsel of the Philadelphia Stock Exchange, advising senior management and leading the legal and regulatory departments. Earlier he was managing director and counsel for Bankers Trust Company, and worked as an associate at Cleary, Gottlieb, Steen & Hamilton and Coudert Brothers.
Schwartz holds a bachelor’s degree from the University of Pennsylvania and a law degree from the New York University School of Law. According to his Linkedin profile, he speaks some Mandarin Chinese.
His arrival at the board comes at a time when the MSRB has placed an increased emphasis on supporting compliance with its existing rules, though since announcing that goal over a year ago it has requested comment on concept releases and rule changes. The board has said it will continue to make and amend rules as appropriate.
Schwartz's swap and derivative experience could be a resource, as many market observers expect at least some resurgence in those markets following the elimination of advance refundings by federal tax legislation last year.
Schwartz’s hiring is the first change to the MSRB’s leadership structure since a rash of moves last year that included both new hires and promotions at the organization. The board brought on former DC Water chief financial officer Mark Kim as deputy executive director and chief operating officer, promoted Michael Post to general counsel, and named Nanette Lawson as chief financial officer and Gail Marshall as chief compliance officer.