; and (II) knowledgeable of matters relating to the municipal securities markets. (ii) Commission alterations The Commission may alter the number of members that constitute the Board if that number is an odd number. (C) Public representatives and regulated representatives (i) Public representatives A majority of the membership of the Board shall be individuals who were not associated with a municipal securities broker, municipal securities dealer, or municipal advisor during the 5-year period preceding the date on which those individuals are appointed to the Board (referred to in this subsection as public representatives )— (I) not less than 1 of whom shall be representative of institutional or retain investors in municipal securities; (II) not less than 1 of whom shall be representative of municipal entities; and (III) not less than 1 of whom shall be a member of the public with knowledge or experience in the municipal industry. (ii) Regulated representatives Other than public representatives, the members of the Board shall be individuals who are associated with a broker, dealer, municipal securities dealer, or municipal advisor (referred to in this subsection as regulated representatives )— (I) not less than 1 of whom shall be associated with and representative of brokers, dealers, or municipal securities dealers that are not banks or subsidiaries, departments, or divisions of banks (referred to in this subsection as broker-dealer representatives ); (II) not less than 1 of whom shall be associated with and representative of municipal securities dealers that are banks or subsidiaries, departments, or divisions of banks (referred to in this subsection as bank representatives )