Lynnette Kelly

Executive Director


Lynnette Kelly is Executive Director of the Municipal Securities Rulemaking Board (MSRB). Ms. Kelly leads the day-to-day management of the MSRB, a self-regulatory organization whose mission is to protect investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market.

The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues.

Ms. Kelly joined the MSRB in 2007 and oversaw the expansion of the MSRB as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank Act expanded the MSRB’s mission to include the protection of municipal entities and obligated persons, in addition to investors. It also gave the MSRB rulemaking authority over municipal advisors, in addition to municipal securities dealers. At the MSRB, Ms. Kelly has managed the development of new and amended rules consistent with the organization’s mission, led the launch of the EMMA website in 2008 and has continued to champion its expansion to increase transparency in the municipal market. She also formalized the MSRB’s approach to education and outreach activities to all market stakeholders.

In 2012, Ms. Kelly received the Municipal Forum of New York’s Public Service Award for her leadership in the municipal market and in 2006, she received the Industry Contribution Award from the National Federation of Municipal Analysts.

Prior to joining the MSRB, Ms. Kelly was a managing director and associate general counsel at the Securities Industry and Financial Markets Association (SIFMA), where she helped SIFMA (formerly The Bond Market Association) develop and implement legal, regulatory and best market practices in the fixed income markets, with a focus on municipal finance.

From 1990 to 1993, Ms. Kelly served as general counsel for the Municipal Assistance Corporation for the City of New York, and has worked at several law firms in New York City in all areas of municipal finance.

Ms. Kelly graduated from the University of Nebraska and Tulane University School of Law. She is an accredited National Association of Corporate Directors Board Leadership Fellow.

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