Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic Attach to Form 990.
medium right arrow graphic Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
Name of the organization
MUNICIPAL SECURITIES RULEMAKING BOARD
 
Employer identification number

52-1042433
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? .............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ....................
5a
 
 
b
Any related organization? .......................
5b
 
 
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ..................
6a
 
 
b
Any related organization? ......................
6b
 
 
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
 
8
Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................
8
 
 
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) 2022
Page 2

Schedule J (Form 990) 2022
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC (C) Retirement and other deferred compensation (D) Nontaxable
benefits
(E) Total of columns
(B)(i)-(D)
(F) Compensation in column (B) reported as deferred on prior Form 990
(i) Base
compensation
(ii) Bonus & incentive
compensation
(iii) Other reportable compensation
1MARK T KIM
PRESIDENT & CEO
(i)

(ii)
595,361
-------------
0
72,000
-------------
0
0
-------------
0
23,016
-------------
0
36,139
-------------
0
726,516
-------------
0
0
-------------
0
2NANETTE D LAWSON
CHIEF OPERATING OFFICER
(i)

(ii)
462,862
-------------
0
57,000
-------------
0
0
-------------
0
27,450
-------------
0
39,514
-------------
0
586,826
-------------
0
0
-------------
0
3JOHN A BAGLEY
CHIEF MARKET STRUCTURE OFFICER
(i)

(ii)
439,895
-------------
0
67,500
-------------
0
0
-------------
0
27,450
-------------
0
36,139
-------------
0
570,984
-------------
0
0
-------------
0
4E ADAM CUSSON
CHIEF TECHNOLOGY OFFICER
(i)

(ii)
404,591
-------------
0
48,000
-------------
0
0
-------------
0
21,854
-------------
0
5,103
-------------
0
479,548
-------------
0
0
-------------
0
5GAIL MARSHALL
CHIEF REGULATORY OFFICER
(i)

(ii)
371,314
-------------
0
30,000
-------------
0
0
-------------
0
27,450
-------------
0
24,806
-------------
0
453,570
-------------
0
0
-------------
0
6JACOB LESSER
GENERAL COUNSEL
(i)

(ii)
377,381
-------------
0
45,000
-------------
0
0
-------------
0
21,714
-------------
0
7,110
-------------
0
451,205
-------------
0
0
-------------
0
7BRIAN ANTHONY
CHIEF DATA OFFICER
(i)

(ii)
296,900
-------------
0
36,000
-------------
0
0
-------------
0
22,847
-------------
0
33,343
-------------
0
389,090
-------------
0
0
-------------
0
8JOHN TOYE
DEPUTY CHIEF TECHNOLOGY OFFCR
(i)

(ii)
262,122
-------------
0
31,900
-------------
0
0
-------------
0
27,057
-------------
0
34,419
-------------
0
355,498
-------------
0
0
-------------
0
9SALLY KLEMPERER
SR. ASSOCIATE GENERAL COUNSEL
(i)

(ii)
271,015
-------------
0
26,300
-------------
0
0
-------------
0
26,906
-------------
0
24,687
-------------
0
348,908
-------------
0
0
-------------
0
10TANGIE DAVIS
DEPUTY CHIEF TECHNOLOGY OFFICR
(i)

(ii)
272,126
-------------
0
32,200
-------------
0
0
-------------
0
27,436
-------------
0
15,546
-------------
0
347,308
-------------
0
0
-------------
0
11SIMON WU
CHIEF ECONOMIST
(i)

(ii)
279,717
-------------
0
27,600
-------------
0
0
-------------
0
23,702
-------------
0
11,871
-------------
0
342,890
-------------
0
0
-------------
0
12JILL FURICK
CHIEF PEOPLE OFFICER
(i)

(ii)
262,433
-------------
0
38,850
-------------
0
0
-------------
0
23,517
-------------
0
12,504
-------------
0
337,304
-------------
0
0
-------------
0
13SALIHA OLGUN
INTERIM CHIEF REGULATORY OFFCR
(i)

(ii)
247,752
-------------
0
32,500
-------------
0
0
-------------
0
23,088
-------------
0
32,735
-------------
0
336,075
-------------
0
0
-------------
0
14OMER S AHMED
Chief Financial Officer
(i)

(ii)
245,308
-------------
0
25,000
-------------
0
0
-------------
0
25,615
-------------
0
33,752
-------------
0
329,675
-------------
0
0
-------------
0
15LEAH SZAREK
CHIEF OF EXTERNAL RELATIONS
(i)

(ii)
249,914
-------------
0
33,000
-------------
0
0
-------------
0
27,186
-------------
0
14,522
-------------
0
324,622
-------------
0
0
-------------
0
16DAVID HODAPP
DIRECTOR, MARKET REGULATION
(i)

(ii)
232,669
-------------
0
14,700
-------------
0
0
-------------
0
19,430
-------------
0
37,316
-------------
0
304,115
-------------
0
0
-------------
0
17RONALD W SMITH
CORPORATE SECRETARY
(i)

(ii)
228,514
-------------
0
22,500
-------------
0
0
-------------
0
23,449
-------------
0
12,783
-------------
0
287,246
-------------
0
0
-------------
0
18SARA MAJROH
FORMER ASST. CORPORATE SEC.
(i)

(ii)
157,670
-------------
0
20,400
-------------
0
0
-------------
0
15,825
-------------
0
11,973
-------------
0
205,868
-------------
0
0
-------------
0
19JESSICA FAUCETTE
FORMER ASST. CORPORATE SEC.
(i)

(ii)
100,606
-------------
0
15,900
-------------
0
0
-------------
0
8,880
-------------
0
10,159
-------------
0
135,545
-------------
0
0
-------------
0
20PATRICK BRETT
DIRECTOR, Former Board Chair
(i)

(ii)
78,750
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
78,750
-------------
0
0
-------------
0
21JOSEPH P DARCY
FORMER DIRECTOR
(i)

(ii)
56,250
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
56,250
-------------
0
0
-------------
0
22CAROLINE CRUISE
Former DIRECTOR
(i)

(ii)
48,750
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
48,750
-------------
0
0
-------------
0
23SEEMA MOHANTY
FORMER DIRECTOR
(i)

(ii)
48,750
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
0
-------------
0
48,750
-------------
0
0
-------------
0
Schedule J (Form 990) 2022
Page 3

Schedule J (Form 990) 2022
Page 3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference Explanation
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 (Form 990) 2022

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