Draft:Lynnette Kelly
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Lynnette Kelly | |
|---|---|
| Born | 1959 (age 66–67) |
| Other name | Lynnette Kelly Hotchkiss |
| Alma mater | University of Nebraska–Lincoln Tulane University Law School |
| Occupations | Lawyer, securities regulator, corporate director |
| Known for | Head of the Municipal Securities Rulemaking Board (2007–2019); launch of the EMMA disclosure system |
Lynnette Kelly (born 1959), also known as Lynnette Kelly Hotchkiss, is an American securities lawyer and former regulator who led the Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization for the United States municipal bond market, from 2007 to 2019.[1][2] She was the fourth chief executive in the organization's history and the second woman to hold the post.[3][4] Under Kelly, the MSRB launched the Electronic Municipal Market Access (EMMA) website, the first centralized repository for municipal securities disclosure,[5] and began regulating municipal advisors under the Dodd–Frank Wall Street Reform and Consumer Protection Act.[1][3]
Education
[edit]Kelly received a bachelor's degree in urban studies from the University of Nebraska–Lincoln in 1981 and graduated from Tulane University Law School in 1984.[6][7]
Career
[edit]Early career
[edit]Kelly practiced municipal finance law at firms in New York City and London.[7][6] From 1990 to 1993 she was general counsel of the Municipal Assistance Corporation for the City of New York,[6][8] which New York State created during the 1975 New York City fiscal crisis to sell bonds to meet the city's borrowing needs.[9]
The Bond Market Association
[edit]Kelly later joined The Bond Market Association, a predecessor of the Securities Industry and Financial Markets Association (SIFMA), where she was managing director and associate general counsel, working on legal, regulatory and market-practice issues in the fixed-income markets with a focus on municipal finance.[6][7] With Frank Chin, a municipal securities executive at Citibank, she led the industry Muni Council's effort to create a "Central Post Office" for municipal disclosure documents. The SEC Historical Society wrote that the MSRB's later central disclosure system "owed much" to the two of them.[10] In 2006 she received the Industry Contribution Award from the National Federation of Municipal Analysts.[8]
Municipal Securities Rulemaking Board
[edit]Kelly joined the MSRB as executive director on June 18, 2007,[7] succeeding Christopher "Kit" Taylor, who had led the organization since 1978.[3][4] The MSRB's earlier executive directors were Jerold Glick and Frieda Wallison.[4] Kelly later held the title of president and chief executive officer.[3][11]
EMMA
[edit]Within months of her arrival, SEC Chairman Christopher Cox wrote to MSRB chairman Frank Chin supporting the MSRB's plan for a centralized disclosure venue similar to the SEC's EDGAR system. Cox said he had asked SEC staff to prepare a rule change under which issuers would file their secondary market disclosures centrally with the MSRB rather than with multiple repositories.[12] The MSRB launched EMMA as a pilot on March 31, 2008.[13] In 2009 the SEC approved the MSRB as the sole repository for municipal disclosure documents, and EMMA became a permanent system.[10][14] EMMA gives the public free access to official statements, continuing disclosures and real-time trade prices for municipal securities,[13] information that had previously been difficult or impossible for individual investors to obtain.[15][14] Rebecca Olsen, director of the SEC's Office of Municipal Securities, later described EMMA as the first centralized repository for municipal securities disclosure.[5]
Dodd–Frank and municipal advisor regulation
[edit]The 2010 Dodd–Frank Act expanded the MSRB's mission to include protecting municipal issuers in addition to investors, and extended its jurisdiction to municipal advisors as well as municipal securities dealers.[15] Kelly led the organization through the implementation of the new regulatory framework for municipal advisors.[1] During her tenure the MSRB adopted its core municipal advisor conduct rules as well as best-execution and mark-up disclosure rules.[5]
Congressional testimony
[edit]Kelly testified before the United States House Committee on Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises on September 22, 2016, on the MSRB's regulatory agenda for the municipal securities market, then valued at approximately $3.8 trillion.[16][17]
Retirement
[edit]On August 6, 2019, the MSRB announced that Kelly would retire at the end of its fiscal year, after 12 years leading the organization.[1][3] The board named chief financial officer Nanette Lawson as interim CEO and said Kelly would serve as a consultant to the board during the transition.[1][3] SEC Chairman Jay Clayton issued a statement calling her an effective leader who had been a valued partner to the Commission in its investor-protection mission.[11] Olsen issued a separate statement crediting her with establishing EMMA as well as the core municipal advisor conduct rules and the best-execution and mark-up disclosure rules.[5][2] Kelly retired in September 2019.[18] Mark Kim, the MSRB's chief operating officer, succeeded her as CEO on October 1, 2020.[19][20]
Post-MSRB career
[edit]On January 1, 2021, Kelly joined the board of trustees of the Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, for a term scheduled to end on December 31, 2025.[21] She also joined the board of managers of Common Securitization Solutions, a joint venture of Fannie Mae and Freddie Mac,[21][22] and the public finance advisory council of the Milken Institute's Center for Financial Markets.[21] Kelly serves on the board of advisors of the Center for Municipal Finance at the University of Chicago Harris School of Public Policy.[18] She is affiliated with Cornerstone Research, is a contributing editor to the Municipal Finance Journal, and has been a guest lecturer at Georgetown University and the University of Chicago.[22] She holds Directorship Certification from the National Association of Corporate Directors and is an NACD Governance Fellow.[22]
Awards
[edit]References
[edit]- 1 2 3 4 5 "MSRB Announces New Officers and Board Members for FY 2020; Lynnette Kelly Retiring from MSRB" (Press release). Municipal Securities Rulemaking Board. August 6, 2019. Retrieved September 25, 2026.
- 1 2 Wynn, Sarah (August 7, 2019). "Kelly's departure a crossroads for the MSRB". The Bond Buyer. Retrieved September 25, 2026.
- 1 2 3 4 5 6 Wynn, Sarah (August 6, 2019). "Lynnette Kelly leaving the MSRB". The Bond Buyer. Retrieved September 25, 2026.
- 1 2 3 "Municipal Securities Rulemaking Board". The Municipal Securities Rulemaking Board Gallery on Municipal Securities Regulation. SEC Historical Society. Retrieved September 25, 2026.
- 1 2 3 4 Olsen, Rebecca (August 7, 2019). "Statement on Retirement of Lynnette Kelly". U.S. Securities and Exchange Commission, Office of Municipal Securities. Retrieved September 25, 2026.
- 1 2 3 4 "Lynnette Kelly – Executive Director". The Bond Buyer. Retrieved September 25, 2026.
- 1 2 3 4 "Lynnette Kelly Hotchkiss Joins MSRB as New Executive Director" (Press release). Municipal Securities Rulemaking Board. June 18, 2007. Retrieved September 25, 2026.
- 1 2 3 "Lynnette Kelly". Governing. Retrieved September 25, 2026.
- ↑ Megna, Robert; Schultz, Laura (February 14, 2022). "Behind the Fiscal Curtain: Forgotten Lessons from the 1970s NYC Fiscal Crisis". Rockefeller Institute of Government. Retrieved September 25, 2026.
- 1 2 "EMMA". The Municipal Securities Rulemaking Board Gallery on Municipal Securities Regulation. SEC Historical Society. Retrieved September 25, 2026.
- 1 2 Clayton, Jay (August 7, 2019). "Statement on Retirement of Lynnette Kelly". U.S. Securities and Exchange Commission. Retrieved September 25, 2026.
- ↑ "SEC Chairman Supports MSRB's Leadership in Moving Toward EDGAR-Like Municipal Securities Market Web-Based Disclosure Portal" (Press release). Municipal Securities Rulemaking Board. November 29, 2007. Retrieved September 25, 2026.
- 1 2 "EMMA Is Launched Today" (Press release). Municipal Securities Rulemaking Board. March 31, 2008. Retrieved September 25, 2026.
- 1 2 Kelly, Lynnette (April 23, 2018). "MSRB's EMMA hits a milestone". The Bond Buyer (Opinion). Retrieved September 25, 2026.
- 1 2 3 "MSRB Executive Director Lynnette Kelly Receives Public Service Award" (Press release). Municipal Securities Rulemaking Board. May 10, 2012. Retrieved September 25, 2026.
- ↑ "Examining the Agenda of Regulators, SROs, and Standards-Setters for Accounting, Auditing, and Municipal Securities: Hearing before the Subcommittee on Capital Markets and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, 114th Congress". U.S. Government Publishing Office. 2016. Serial No. 114-104. Retrieved September 25, 2026.
- ↑ Kelly, Lynnette (September 22, 2016). "Testimony of Lynnette Kelly, Executive Director, Municipal Securities Rulemaking Board, Before the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee" (PDF). United States House Committee on Financial Services. Retrieved September 25, 2026.
- 1 2 "People". Center for Municipal Finance, University of Chicago. Retrieved September 25, 2026.
- ↑ Wynn, Sarah (September 29, 2020). "Mark Kim named MSRB CEO". The Bond Buyer. Retrieved September 25, 2026.
- ↑ Mysak, Joe (September 29, 2020). "Muni Rulemaking Board Names Mark Kim as New President, CEO". Bloomberg Law. Retrieved September 25, 2026.
- 1 2 3 Wynn, Sarah (January 5, 2021). "Ex-MSRB chief Lynnette Kelly starts new jobs". The Bond Buyer. Retrieved September 25, 2026.
- 1 2 3 "Lynnette Kelly". Cornerstone Research. Retrieved September 25, 2026.
- ↑ "Awards". National Association of Bond Lawyers. Retrieved September 25, 2026.
External links
[edit]- Presentation by Lynnette Kelly Hotchkiss at a California Debt and Investment Advisory Commission seminar, San Diego, September 19, 2008 (archived)