MSRB - Municipal Securities Rulemaking Board

01/16/2025 | Press release | Distributed by Public on 01/16/2025 11:15

MSRB Announces Members of 2025 Board Advisory Groups

MSRB ANNOUNCES MEMBERS OF 2025 BOARD ADVISORY GROUPS

Washington, DC - The Municipal Securities Rulemaking Board (MSRB) today announced the members of its 2025 advisory groups, bringing together a cross-section of municipal market experts who will offer insights that inform MSRB's regulatory and compliance initiatives. A total of 41 experienced market professionals have been selected to serve on the Compliance Advisory Group (CAG), Municipal Fund Securities Advisory Group (MFSAG), and the newly formed Technology Advisory Group (TAG).

"Voices from across the municipal securities market ensure MSRB's regulatory framework reflects the broad perspectives and evolving needs of all market participants," said Warren "Bo" Daniels, Chair of the MSRB Board of Directors. "We look forward to working with our returning members and new members as they serve a critical role in enhancing MSRB's rulemaking, compliance initiatives, and market transparency efforts."

CAG, now in its eighth consecutive year, will continue to provide valuable feedback on MSRB's compliance initiatives to help dealers and municipal advisors navigate regulatory requirements effectively.

MFSAG, established to focus on regulatory issues and investor education in the 529 Savings Plan, Achieving a Better Life Experience Act of 2014 (ABLE) Program and other municipal fund securities space, will continue to provide insight in support of MSRB's regulatory guidance, transparency, and educational initiatives.

The newly introduced TAG convenes a group specifically focused on the intersection of technological innovation and regulation in the municipal securities market. TAG will provide input on technology topics and assess market trends to identify opportunities and challenges.

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The advisory groups meet several times throughout the year, providing expertise and insights on a range of issues that affect the municipal securities market.
Advisory group members for MSRB's 2025 fiscal year, include:

Compliance Advisory Group
Returning Members

  • Stephen S. Berkeley, Chief Compliance Officer and Regulatory Counsel, Loop Capital LLC
  • Jason Ferguson, Director, Municipal Compliance, Barclays Capital Inc.
  • George Hinchcliff, Director, FIC Compliance Advisory, RBC Capital Markets
  • Lee Maverick, Chief Compliance Officer, Samco Capital Markets, Inc.
  • Rebekah Most, Vice President, Municipal Underwriting Operations Manager, D.A. Davidson & Co.
  • Richard Porreca, Fixed Income Compliance Manager, Janney Montgomery Scott, LLC
  • Michael G. Sudsina, President, Chief Executive Officer, and Chief Compliance Officer, Sudsina & Associates, LLC

New Members

  • Joanna Bowes, Managing Director, Head of Education Group, KNN Public Finance, LLC
  • Robert Cox, Senior VP Infrastructure and Public Finance, Siebert Williams Shank & Co., LLC
  • John Szwagulak, Chief Compliance Officer, Enterprise Compliance and Risk Director, SVP, Huntington Securities, Inc.
  • Stacey Walter, Compliance Officer & Controller, Columbia Capital Management, LLC


Municipal Fund Securities Advisory Group

  • Kristia Adrian, Executive Director, National 529 Specialist, JP Morgan Asset Management
  • Rachel Biar, Deputy State Treasurer for Savings Programs, Nebraska
  • Mary Anne Busse, Managing Director, Great Disclosure LLC
  • Paul Curley, CFA, Director of Savings Research, ISS Market Intelligence
  • Anthony Durkan, Vice President, Head of 529 Relationship Management, Fidelity Investments
  • Andrea Feirstein, Managing Director, AKF Consulting Group
  • Sean Flynn, Chief Compliance Officer, TIAA-CREF Tuition Financing, Inc.
  • Stephen Jobe, Senior Vice President, Vestwell
  • William Mastrodicasa, Managing Director, First Public, LLC
  • John Mitchell, Director of College Savings and Deputy Chief, Financial Products, Illinois State Treasurer's Office
  • Richard J. Polimeni, Managing Director, Head of Education Savings Programs, Bank of America
  • Risa Schulz, Executive Director, Wealth Management, Morgan Stanley
  • Audrey Syatt, Associate General Counsel, Ascensus
  • Brea Tabernik, Product Leader, Managed Investments, Edward Jones
  • Sherri Wyatt, Chief Compliance Officer, Virginia529


Technology Advisory Group

  • Peter Borstelmann, President, ICE Bonds
  • Vinay Dayal, Director, Finance and Treasury, Long Island Power Authority
  • Matthew Gerstenfeld, Co-Founder and CEO, Munichain
  • Joseph Hemphill, President/CEO, Regional Brokers Inc.
  • Christopher Johnson, Head of Municipal Product, Tradeweb
  • Abhishek Lodha, Director of Secondary Market FinTech Strategy, Assured Guaranty
  • Daniel Pecoraro, Head of Municipal Trading, Millennium Advisors, LLC
  • Shawn Quant, Chief Information and Operations Officer, Piper Sandler
  • Adam Shane, Head of Municipal Bond Portfolio Management, Northern Trust Asset Management
  • Laura Slaughter, Executive Director, Municipal Advisory Council of Texas
  • Todd Smith, Director, BlackRock
  • Tyler Traudt, Co-founder & CEO, DebtBook
  • Thomas Tulp, CEO and Founder, Semper Augustus Consulting, LLC
  • Stephen Winterstein, Chief Executive Officer, ficc.ai
  • Nusa Znuderl, Head of E-Trading and Quantitative Strategies, Jefferies LLC, Municipal Securities Sales and Trading