Moving to comply with legislation in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Municipal Securities Rulemaking Board (MSRB) will alter its board and supervisory structure as of the start of its fiscal year, Oct. 1, according to a news release announcing the new officers on Tuesday.
Appointed for one-year terms are the new MSRB Chair, Michael Bartolotta, vice chairman of First Southwest Co., and MSRB Vice Chair, John Young, managing director of municipal underwriting and public finance marketing at Samuel Ramirez & Co. Inc.
"MSRB will be governed by a majority of independent, public members and include municipal advisor representatives, who for the first time will be subject to regulation by the MSRB," the announcement stated. "The MSRB will alter its board composition rules to be consistent with the provisions of the Dodd-Frank Act and create a transitional 21-member board. That board would be composed of 11 public members and 10 industry members, including seven broker-dealer and bank dealer members, and three municipal advisor members."
"Historic legislative changes have altered the MSRB's composition and our mission," said MSRB Executive Director Lynnette Kelly Hotchkiss. "We will be adapting to a wholly new dynamic as a regulatory organization."