MSRB seeks input, volunteers for advisory groups

The Municipal Securities Rulemaking Board has re-established two key advisory groups for its 2022 fiscal year: the Compliance Advisory Group (CAG) and the Municipal Fund Securities Advisory Group (MFSAG).

The MSRB is also seeking input on topics it should consider in developing compliance resources and tools for municipal fund securities. In a November 11 announcement, the MSRB highlighted the objectives of the CAG and MFSAG and described its advisory groups as important vehicles for facilitating effective stakeholder engagement.

Formed in 2018, the MFSAG provides input to MSRB staff on municipal market practices and educational resources related to 529 savings plans and Achieving a Better Life Experience Act of 2014 (ABLE) programs.

ABLE programs are tax-advantaged savings accounts for individuals with disabilities and their families, and 529 plans are tax-advantaged municipal securities designed to encourage saving for specified future education expenses.

According to the MSRB, in addition to providing insights on market trends and legislation, the MFSAG helps to advance the MSRB’s interests “in identifying areas where the municipal fund securities industry could benefit from additional regulatory guidance.”

For the 2022 fiscal year, current MFSAG members will continue to serve. However, the MSRB is currently seeking volunteers to serve in the FY 2022 CAG.

“We are also looking to increase representation of underrepresented minorities and women on our advisory groups,” said Bri Joiner, MSRB director of regulatory compliance.

“MSRB initiatives benefit from the insight and perspective of those market participants knowledgeable about the unique and often complex nature of the municipal securities market,” the organization wrote in its announcement, adding, “CAG provides additional perspective and expertise to MSRB staff on initiatives to facilitate industry understanding of and compliance with MSRB rules.”

The organization is encouraging people from regulated entities who serve in compliance, legal, trading and operations, including public officials and employees of municipal entities, to get involved with the CAG as volunteer advisory members.

The MSRB said that it wants to compile a group with diverse backgrounds and perspectives and “increase the number of fixed income operational professionals who serve on CAG in FY 2022.”

The notice mentions “operational professionals who will bring unique knowledge to CAG.” This might include professionals who can for example, provide input on clearance and settlement, and new issue and market information reporting requirements.

“We encourage individuals from regulated entities who serve in compliance, legal, operations and trading roles as well as employees of municipal entities to apply,” said Bri Joiner, MSRB director of regulatory compliance, in a statement.

“In furtherance of our goal of promoting diversity, equity and inclusion in the municipal market, we are also looking to increase representation of underrepresented minorities and women on our advisory groups,” Joiner added.

Interested individuals should email their name, a resume or biography, and a statement of interest to Nikki Faucette at nfaucette@msrb.org. Submissions will be accepted through Monday, December 13, 2021.

Because the CAG helps to identify areas where municipal advisors and dealers could benefit from compliance support and tools, the MSRB is also seeking input from market participants and members of the public.

Those who wish to provide input on municipal fund securities topics that the MSRB should consider in FY2022, should submit that input to Nikke Faucette by the Dec. 13 deadline.

The MSRB expects to publicly announce the FY2022 compliance advisory group members in January.

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