SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB’s) Notice of Filing Amendments to Rule A-3 addressing membership on the MSRB Board, Release Number 34-65158, File Number SR-MSRB-2011-11.  SIFMA appreciates the MSRB’s examination of the size and structure of its Board in the wake of the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which mandates the most significant restructuring of the MSRB Board since the creation of the MSRB in 1975. However, SIFMA still objects to two elements of the MSRB’s proposal regarding the size and composition of the MSRB.