2022-08-10T12:39:10-05:00 2021-09-30 PricewaterhouseCoopers LLP 655 NEW YORK AVENUE SUITE 1100 WASHINGTON DC 20001 990 2020-10-01 521042433 MUNICIPAL SECURITIES RULEMAKING BOARD % BONNIE MOYNIHAN MUNI 2028381500 1300 I Street NW STE 1000 Washington DC 20005 MARK T KIM CEO 2673303000 2022-08-08 true MARK T KIM 999009999 TRAVIS L PATTON P00369623 2024141000 2022-08-03 2 2020 2022-09-23 18:48:47Z Mark T Kim SAME AS C ABOVE Washington DC 20005 35699202 false X www.MSRB.org X 1975 VA THE MSRB PROTECTS INVESTORS, STATE AND LOCAL GOVERNMENTS AND OTHER MUNICIPAL ENTITIES, AND THE PUBLIC INTEREST BY PROMOTING A FAIR & EFFICIENT MUNICIPAL SECURITIES MARKET. 17 17 124 0 0 0 41792326 32083204 3863775 2983823 1207475 631915 2926 260 46866502 35699202 0 0 0 0 22655714 23093921 0 0 0 21217000 18070193 43872714 41164114 2993788 -5464912 83153694 78531119 9492157 10936216 73661537 67594903 X SEE SCHEDULE O false false Responsible for developing and maintaining the MSRB rules that establish responsibilities and standards for brokers, dealers and municipal securities dealers affecting municipal securities transactions and for municipal advisors that engage in municipal advisory activities. Market Regulation also maintains the MSRB's professional qualifications program, create compliance and educational resources for regulated entities and provide assistance to other securities regulators that examine for compliance with and enforce MSRB rules: See Schedule O Responsible for developing and operating the MSRB's market transparency and information systems that receive, process and disseminate market-critical data and documents relied on by the municipal securities market, supporting business operations and optimizing the business experience. Cybersecurity prevention, detection and incident response are also the responsibility of this program: See Schedule O Responsible for initiatives that provide insight into the municipal market through data research and analysis. This includes a focus on the governance, quality and analysis of data collected by the MSRB's market transparency systems and providing economic analysis and research relating to regulatory and transparency projects. Economic analysis informs the regulatory approach to addressing an identified need for rulemaking and evaluates the cost of the regulation against the benefit to the market. Working with market transparency and technology, this program also guides strategic development and ongoing improvements of MSRB's market transparency systems including the EMMA(R) website: See Schedule O false false false true false false false false false true false false false true true true false false false false false false false false false false false false true false false false true false false false false false false false false false false true 73 0 true 124 true false false false false false false false false X 17 17 false false false false false false true true true false false true true true true true true true false false DC X X BONNIE MOYNIHAN 2028381500 1300 I STREET NW SUITE 1000 Washington DC 20005 X LYNNETTE KELLY FORMER CEO 0.0 0.0 X 823874 0 0 NANETTE D LAWSON COO (INTERIM CEO THRU 9/20) 40.0 0.0 X 649248 0 65252 MARK T KIM PRESIDENT & CEO(COO THRU 9/20) 40.0 0.0 X 614415 0 57520 JOHN A BAGLEY CHIEF MARKET STRUCTURE OFFICER 40.0 0.0 X 527957 0 58000 GAIL MARSHALL CHIEF Regulatory OFFICER 40.0 0.0 X 428565 0 46794 E ADAM CUSSON CHIEF Technology officer 40.0 0.0 X 383020 0 30558 Jacob Lesser General Counsel 40.0 0.0 X 328498 0 28195 Lalita Hirve Deputy Chief Technology OFFCR 40.0 0.0 X 299427 0 52770 SIMON WU CHIEF ECONOMIST 40.0 0.0 X 295282 0 33495 John Toye Deputy Chief Technology OffCR 40.0 0.0 X 268483 0 58241 Marcelo Vieira Director, Research 40.0 0.0 X 279947 0 30723 SALLY KLEMPERER Sr. ASSOCIATE GENERAL COUNSEL 40.0 0.0 X 271320 0 36263 RONALD W SMITH CORPORATE SECRETARY 40.0 0.0 X 265000 0 36397 Omer S Ahmed CFO & TREASURER 40.0 0.0 X 225718 0 56427 SARA AHMADZAI ASSISTANT CORPORATE SECRETARY 40.0 0.0 X 166001 0 34845 MALLORY BUCHER ASST. CORP. SEC. (UNTIL 7/20) 0.0 0.0 X 118475 0 23123 JESSICA FAUCETTE ASSISTANT CORPORATE SECRETARY 40.0 0.0 X 90781 0 15928 EDWARD J SISK DIRECTOR, BOARD CHAIR 6.0 0.0 X X 90000 0 0 MANJU S GANERIWALA DIRECTOR 4.0 0.0 X 66250 0 0 JULIA H COOPER DIRECTOR, Board Vice Chair 4.0 0.0 X X 61550 0 0 WILLIAM M FITZGERALD SR DIRECTOR (UNTIL 5/21) 4.0 0.0 X 58750 0 0 JOSEPH P DARCY DIRECTOR 4.0 0.0 X 56550 0 0 SEEMA MOHANTY DIRECTOR 4.0 0.0 X 56550 0 0 DONNA M SIMONETTI DIRECTOR 4.0 0.0 X 56550 0 0 PATRICK BRETT DIRECTOR 4.0 0.0 X 56250 0 0 CAROLINE CRUISE DIRECTOR 4.0 0.0 X 56250 0 0 DANIEL KILEY DIRECTOR 4.0 0.0 X 55300 0 0 BETH WOLCHOCK DIRECTOR 4.0 0.0 X 55300 0 0 ANGELIA SCHMIDT DIRECTOR 4.0 0.0 X 55300 0 0 CAROL KOSTIK DIRECTOR 4.0 0.0 X 55300 0 0 SONIA TOLEDO DIRECTOR 4.0 0.0 X 55300 0 0 THALIA MEEHAN DIRECTOR 4.0 0.0 X 55300 0 0 FRANCIS E FAIRMAN IV DIRECTOR 4.0 0.0 X 55000 0 0 MEREDITH L HATHORN DIRECTOR 4.0 0.0 X 55000 0 0 ROBERT CLARKE BROWN DIRECTOR (COMMENCED 5/21) 4.0 0.0 X 45000 0 0 RONALD J DIECKMAN Former DIRECTOR 0.0 0.0 X 45000 0 0 JERRY W FORD Former DIRECTOR 0.0 0.0 X 45000 0 0 KEMP J LEWIS Former DIRECTOR 0.0 0.0 X 45000 0 0 6538461 0 664531 70 true true false Accenture Federal Services 800 Connecticut Ave NW Suite 600 WASHINGTON DC 20006 cloud migration 3205979 CC PACE SYSTEMS INC 4100 MONUMENT CORNER DRIVE SUITE 4 FAIRFAX VA 22030 SOFTWARE DEVELOPMENT 2145723 Hitachi Vantara LLC 2535 Augustine Drive Santa Clara CA 95054 Software Development 525860 Amazon Web Services Inc 410 Terry Avenue North Seattle WA 98109 Cloud Migration 420000 Robert A Fippinger 730 Park Avenue Apr 18C New York NY 10021 counsel to the board 302725 12 32083204 32083204 DATA SUBSCRIPTIONS 900099 2359086 2359086 RULE VIOLATION FINE REVENUE 900099 321587 321587 PROFESSIONAL QUALIFICATION EXAM FEES 900099 303150 303150 2983823 631915 631915 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 260 260 260 35699202 3615998 X 0 0 0 0 5138145 0 0 14100042 1235225 1263136 1357373 0 61882 280635 422000 0 0 4843135 0 438764 4086524 0 2343987 20155 0 87618 0 0 3173232 319950 DATA & INFORMATION SERVICES 1217700 DUES, REGISTRATIONS, TRAIN. 120098 PROPERTY AND OTHER TAXES 392200 SUBSCRIPTIONS & PUBLICATIONS 118458 143855 41164114 0 0 0 750480 734694 2265854 4111650 0 0 7820158 4040472 0 0 0 0 0 0 0 0 1785453 1663128 46128887 35538881 9526688 10590006 61005061 57391169 0 0 0 0 0 0 0 0 83153694 78531119 3187635 4990928 0 0 214705 214700 0 0 0 0 0 0 0 0 0 0 6089817 5730588 9492157 10936216 X 73661537 67594903 0 0 73661537 67594903 83153694 78531119 -5464912 -586439 -15283 X false true X true false false false false 32083204 441177 441177 441177 4015688 1662373 2353315 1895060 1632952 262108 40218139 32243556 7974583 10590006 0 DEFERRED RENT 5726837 LEASE OBLIGATION 3751 5730588 X 35097480 -586439 -586439 35683919 15283 15283 35699202 41164114 41164114 41164114 FORM 990, SCHEDULE D, PART X, LINE 2 - FIN 48 (ASC 740) FOOTNOTE The MSRB addresses uncertain tax positions in accordance with ASC Topic 740, Income Taxes, which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. During the years from 2018 to 2021, which represent the years management considers to be open for examination by taxing authorities, management did not identify the existence of any uncertain tax position. X true true X X X X X true false false MARK T KIM PRESIDENT & CEO(COO THRU 9/20) 539415 0 75000 0 0 0 19950 0 37570 0 671935 0 0 0 NANETTE D LAWSON COO (INTERIM CEO THRU 9/20) 539248 0 110000 0 0 0 26062 0 39190 0 714500 0 0 0 Jacob Lesser General Counsel 286498 0 42000 0 0 0 22352 0 5843 0 356693 0 0 0 RONALD W SMITH CORPORATE SECRETARY 238500 0 26500 0 0 0 23394 0 13003 0 301397 0 0 0 Omer S Ahmed CFO & TREASURER 201718 0 24000 0 0 0 21095 0 35332 0 282145 0 0 0 SARA AHMADZAI ASSISTANT CORPORATE SECRETARY 147201 0 18800 0 0 0 15209 0 19636 0 200846 0 0 0 MALLORY BUCHER ASST. CORP. SEC. (UNTIL 7/20) 100178 0 9300 0 8997 0 9216 0 13907 0 141598 0 0 0 JOHN A BAGLEY CHIEF MARKET STRUCTURE OFFICER 467957 0 60000 0 0 0 22800 0 35200 0 585957 0 0 0 GAIL MARSHALL CHIEF Regulatory OFFICER 376065 0 52500 0 0 0 22800 0 23994 0 475359 0 0 0 E ADAM CUSSON CHIEF Technology officer 325620 0 57400 0 0 0 25200 0 5358 0 413578 0 0 0 Lalita Hirve Deputy Chief Technology OFFCR 224077 0 75350 0 0 0 26760 0 26010 0 352197 0 0 0 SIMON WU CHIEF ECONOMIST 269782 0 25500 0 0 0 20609 0 12886 0 328777 0 0 0 John Toye Deputy Chief Technology OffCR 234833 0 33650 0 0 0 24451 0 33790 0 326724 0 0 0 Marcelo Vieira Director, Research 228647 0 51300 0 0 0 24081 0 6642 0 310670 0 0 0 SALLY KLEMPERER Sr. ASSOCIATE GENERAL COUNSEL 243420 0 27900 0 0 0 21150 0 15113 0 307583 0 0 0 LYNNETTE KELLY FORMER CEO 0 0 0 823874 0 0 0 0 0 823874 0 0 RONALD J DIECKMAN Former DIRECTOR 45000 0 0 0 0 0 0 0 0 0 45000 0 0 0 JERRY W FORD Former DIRECTOR 45000 0 0 0 0 0 0 0 0 0 45000 0 0 0 KEMP J LEWIS Former DIRECTOR 45000 0 0 0 0 0 0 0 0 0 45000 0 0 0 FORM 990, SCHEDULE J, PART I, LINE 1A - ADDITIONAL BENEFITS PROVIDED The MSRB reimburses Board Members and the Chief Executive Officer for the cost of coach class air travel for flights of 3 hours or less in total one-way trip duration. For air travel more than 3 hours in total one-way trip duration, the MSRB reimburses Board Members and the Chief Executive Officer for the use of business class when available, or if only two classes of service are offered, first class. Board Members and the Chief Executive Officer are reimbursed for the use of business class rail fares. The MSRB has determined this meets the business requirement standard for not treating the benefit as compensatory on the Form W-2 or 1099. SCHEDULE J, PART I, LINE 4a - SEVERANCE PAYMENT PURSUANT TO A SEPARATION AGREEMENT VOLUNTARILY ENTERED INTO BY BOTH PARTIES, LYNNETTE KELLY STEPPED DOWN FROM HER ROLE AS CEO SEPTEMBER 2019 AND WAS PAID $823,874 DURING THE 2020 calendar year. ROBERT A FIPPINGER FORMER CHIEF LEGAL OFFICER - KEY EMPLOYEE 9/2016 302725 COUNSEL TO THE BOARD false FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION'S MISSION THE MISSION OF THE MSRB IS TO PROTECT AND STRENGTHEN THE MUNICIPAL BOND MARKET, ENABLING ACCESS TO CAPITAL, ECONOMIC GROWTH, AND SOCIETAL PROGRESS IN TENS OF THOUSANDS OF COMMUNITIES ACROSS THE COUNTRY. - WE CREATE TRUST IN OUR MARKET THROUGH INFORMED REGULATION OF DEALERS AND MUNICIPAL ADVISORS THAT PROTECTS INVESTORS, ISSUERS AND THE PUBLIC INTEREST. - WE BUILD TECHNOLOGY SYSTEMS THAT POWER OUR MARKET AND PROVIDE TRANSPARENCY FOR ISSUERS, INSTITUTIONS, AND THE INVESTING PUBLIC. - WE SERVE AS THE STEWARD OF MARKET DATA THAT EMPOWERS BETTER DECISIONS AND FUELS INNOVATION FOR THE FUTURE. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS ESTABLISHING REGULATIONS AND SUPPORTING GUIDANCE FOR MUNICIPAL ADVISORS AND DEALERS: THE MSRB WAS CREATED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT ENGAGE IN MUNICIPAL SECURITIES AND MUNICIPAL ADVISORY ACTIVITIES (COLLECTIVELY "REGULATED ENTITIES") WITH THE GOAL OF PROTECTING INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. IN FISCAL YEAR (FY) 2021, THE MSRB'S REGULATORY ACCOMPLISHMENTS INCLUDED: - RETIRING 15 PIECES OF INTERPRETIVE GUIDANCE FROM THE MSRB RULE BOOK THAT NO LONGER ACHIEVED THEIR INTENDED PURPOSE; - PROVIDING REGULATORY RELIEF TO DEALERS AND MUNICIPAL ADVISORS IN LIGHT OF THE CONTINUED COVID-19 PANDEMIC; AND - FULLY IMPLEMENTING A NEW PROFESSIONAL QUALIFICATION EXAM FOR MUNICIPAL ADVISOR PRINCIPALS ENGAGED IN THE MANAGEMENT, DIRECTION OR SUPERVISION OF THE MUNICIPAL ADVISORY ACTIVITIES OF THE FIRM. FORM 990, PART III, LINE 4B AND 4C, PROGRAM SERVICE ACCOMPLISHMENTS PROVIDING MARKET TRANSPARENCY AND DATA: THE MSRB COLLECTS MUNICIPAL MARKET DOCUMENTS AND DATA FROM REGULATED ENTITIES, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND/OR THEIR AGENTS AND MAKES THE INFORMATION PUBLICLY AVAILABLE. THE MSRB ENSURES THAT THE MARKET OPERATES TRANSPARENTLY AND EFFICIENTLY BY MAKING MOST OF THIS INFORMATION AVAILABLE TO THE PUBLIC, FREE OF CHARGE, ON ITS ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) WEBSITE AT EMMA.MSRB.ORG. FOLLOWING AN ENTERPRISE-WIDE MIGRATION TO THE CLOUD IN FY 2020, IN FY 2021, THE MSRB FOCUSED ITS EFFORTS ON ENGAGING WITH STAKEHOLDERS TO DEVELOP SOLUTIONS TO ENHANCE THE EMMA USER EXPERIENCE AND IMPROVE ISSUERS' ABILITY TO MANAGE THEIR ISSUES BY THE UNIQUE SECURITY IDENTIFIER KNOWN AS A CUSIP NUMBER. AS THE MUNICIPAL MARKET'S CENTRAL REPOSITORY FOR DATA, THE MSRB IS MODERNIZING ITS DATA PLATFORMS IN THE CLOUD AND HAS DEVELOPED AN INNOVATION SANDBOX CALLED EMMA LABS WHERE MARKET STAKEHOLDERS CAN HELP REFINE PROTOTYPES OF POTENTIAL DATA TOOLS SUCH AS AN ENHANCED DISCLOSURE SEARCH ENGINE AND A DYNAMIC MARKET TRADE DATA DASHBOARD. FORM 990, PART VI, SEC. A, LINE 2 - FAMILY & BUS. RELATIONSHIPS NO OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE HAS A FAMILY RELATIONSHIP OR BUSINESS RELATIONSHIP (AS SUCH TERMS ARE DEFINED FOR PURPOSES OF FORM 990) WITH ANY OTHER OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE. AS CONTEMPLATED BY THE CONGRESSIONALLY MANDATED STRUCTURE OF THE MSRB'S BOARD OF DIRECTORS (WHICH SERVES AS THE ORGANIZATION'S GOVERNING BODY), AND WITH THE MSRB BEING A SELF-REGULATORY ORGANIZATION UNDER THE FEDERAL SECURITIES LAWS, THE EMPLOYERS OF SOME MEMBERS OF THE BOARD OF DIRECTORS, AND SUCH MEMBERS IN THEIR CAPACITIES AS EMPLOYEES OF THEIR EMPLOYERS, FROM TIME TO TIME TRANSACT BUSINESS WITH ONE ANOTHER IN THE ORDINARY COURSE OF THEIR BUSINESS AS PARTICIPANTS IN THE MUNICIPAL MARKET ON THE SAME TERMS AS ARE GENERALLY OFFERED TO OTHERS IN THE SAME LINE OF BUSINESS. FORM 990, PART VI, SEC. A, LINE 7B - GOVERNING BODY/MANAGEMENT ALL PROPOSED RULE CHANGES ADOPTED BY THE BOARD OF DIRECTORS OF THE MSRB MUST BE APPROVED BY THE SECURITIES AND EXCHANGE COMMISSION PRIOR TO EFFECTIVENESS, UNLESS OTHERWISE ALLOWED BY LAW. FORM 990, PART VI, SEC. B, LINE 11b - FORM 990 REVIEW PROCESS THE BOARD OF DIRECTORS OF THE MSRB HAS AN AUDIT AND RISK COMMITTEE THAT IS CHARGED WITH REVIEWING WITH MANAGEMENT THE ORGANIZATION'S COMPLETED FORM ANNUALLY PRIOR TO THE FILING OF SUCH FORM AND REPORTING ANY FINDINGS OR CONCLUSIONS TO THE BOARD OF DIRECTORS IN CONNECTION WITH THE BOARD'S REVIEW OF SUCH FORM. THE AUDIT AND RISK COMMITTEE CONDUCTED ITS REVIEW ON 01/25/2022 AND THE BOARD OF DIRECTORS CONDUCTED ITS REVIEW ON 01/27/2022. FORM 990, PART VI, SEC. B, LINE 12C - CONFLICT OF INTEREST POLICY THE MSRB MAINTAINS FOR ITS BOARD OF DIRECTORS AND ITS STAFF: A CODE OF ETHICS AND BUSINESS CONDUCT POLICY; A CONFLICTS OF INTEREST POLICY; AND A WHISTLEBLOWER POLICY WITH COMPLAINT HANDLING PROCEDURES, WHICH ARE AVAILABLE ON MSRB.ORG. ALL BOARD MEMBERS AND STAFF ARE TRAINED ANNUALLY ON THESE POLICIES AND MUST SIGN VARIOUS ACKNOWLEDGMENTS. THE MSRB HAS A POLICY REQUIRING THAT OFFICERS, DIRECTORS AND KEY EMPLOYEES DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS, AND SUBSEQUENTLY DISCLOSE UPDATES. IN CONNECTION WITH THE ELECTION OF NEW MEMBERS OF THE BOARD OF DIRECTORS, EACH CANDIDATE PROVIDES INFORMATION TO THE MSRB CONCERNING POTENTIAL CONFLICTS OF INTEREST. IN ADDITION, CERTAIN ORGANIZATIONAL CONFLICTS ARE EFFECTIVELY PROHIBITED UNDER SECTION 15B(B)OF THE SECURITIES EXCHANGE ACT OF 1934 DUE TO THE STATUTORY REQUIREMENTS REGARDING QUALIFICATION FOR MEMBERSHIP ON THE BOARD OF DIRECTORS. IN PARTICULAR, PUBLIC REPRESENTATIVES MUST BE INDEPENDENT OF ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR. MSRB RULE A-3 DEFINES "INDEPENDENT" AS HAVING NO MATERIAL BUSINESS RELATIONSHIP WITH ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR, INCLUDING AT A MINIMUM NOT CURRENTLY OR AT ANY TIME WITHIN THE LAST FIVE YEARS BEING ASSOCIATED WITH A MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR AND NOT HAVING A RELATIONSHIP WITH ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR, WHETHER COMPENSATORY OR OTHERWISE, THAT REASONABLY COULD AFFECT THE INDEPENDENT JUDGMENT OR DECISION MAKING OF THE INDIVIDUAL. THE MSRB'S GENERAL COUNSEL REVIEWS THE CONFLICTS OF INTEREST ACKNOWLEDGEMENT AND DISCLOSURE FORMS AND DETERMINES WHAT ACTIONS, IF ANY, NEED TO BE TAKEN, INCLUDING ASKING A BOARD MEMBER TO RECUSE HIM OR HERSELF FROM DELIBERATIONS OR VOTING ON AN ACTION. FORM 990, PART VI, SEC. B, LINE 15A - COMPENSATION REVIEW PROCESS UNDER THE MSRB WRITTEN COMPENSATION STRATEGY AND PROGRAM, THE FINANCE COMMITTEE (COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS) IS RESPONSIBLE FOR MAKING RECOMMENDATIONS AND THE BOARD OF DIRECTORS IS RESPONSIBLE FOR APPROVING THE ORGANIZATION-WIDE COMPENSATION STRATEGY. THE ANNUAL SALARY BUDGET IS APPROVED BY THE BOARD OF DIRECTORS. AT LEAST ONCE EVERY FOUR YEARS, THE COMPENSATION STRATEGY AND STRUCTURE ARE REVIEWED AND APPROVED BY THE FINANCE COMMITTEE BASED ON INFORMATION RECEIVED FROM AN EXTERNAL SALARY CONSULTANT. SUCH REVIEW WAS COMPLETED AND CHANGES WERE APPROVED BY THE BOARD EFFECTIVE MAY 1, 2020. THE EXTERNAL SALARY CONSULTANT COMPARES THE MSRB WITH COMPARABLE PEER ORGANIZATIONS IN THE LOCAL GEOGRAPHIC MARKET AND WITHIN THE INDUSTRY AS APPROPRIATE. THE FULL BOARD APPROVES THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER, AND THE CHIEF EXECUTIVE OFFICER ESTABLISHES THE COMPENSATION OF THE KEY EMPLOYEES WITHIN THE PARAMETERS AND PHILOSOPHY OF THE APPROVED COMPENSATION STRATEGY. ADDITIONALLY, THE CHIEF EXECUTIVE OFFICER ANNUALLY PROVIDES TO THE BOARD THE SALARY, BENEFITS, AND TOTAL COMPENSATION OF THE SENIOR MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 - GOVERNING DOCUMENTS THE ORGANIZATION'S WEBSITE (WWW.MSRB.ORG) CONTAINS THE FOLLOWING: SECURITIES EXCHANGE ACT OF 1934 SECTION 15B (STATUTE CREATING THE MSRB), RESTATED ARTICLES OF INCORPORATION, BY-LAWS, GOVERNANCE-RELATED ADMINISTRATIVE RULES, BOARD COMMITTEE CHARTERS, CODE OF ETHICS AND BUSINESS CONDUCT, CONFLICTS OF INTEREST POLICY, RISK MANAGEMENT PROGRAM, WHISTLEBLOWER POLICY, AUDITED FINANCIAL STATEMENTS, ANNUAL BUDGET, MOST RECENT IRS FORM 990 AND CERTAIN FINANCIAL POLICIES. FORM 990 PART IX LINE 11G DESCRIPTION:CONSULTANTS TOTAL FEES:4721006 FORM 990 PART IX LINE 11G DESCRIPTION:RECRUITMENT TOTAL FEES:122129