Fixed Income Market Structure Advisory Committee — Credit Ratings Subcommittee

Summary Minutes of February 21, 2019 Call

The Credit Ratings Subcommittee held a telephonic meeting on February 21, 2019.

The call convened at approximately 3:00 p.m. The following Subcommittee Members were on the call:

Amy McGarrity
Michael Heaney
Dan Allen
Tom Gira
Larry Harris
Ananth Madhavan
Lynn Martin
Kumar Venkataraman
Rachel Wilson

The following other persons joined the call:

Bessie Conty, Colorado Public Employees’ Retirement Association
Paul Runnalls, Colorado Public Employees’ Retirement Association

The following staff from the Office of Credit Ratings joined the call:

Jessica Kane
Annemarie Ettinger
Harriet Orol
Alexa Strear

The following staff from the Division of Trading and Markets joined the call:

David Dimitrious
Tom Eady
Ben Bernstein

The following staff from the Division of Investment Management joined the call:

Christian Broadbent

The following staff from the Division of Economic and Risk Analysis joined the call:

Igor Kozhanov
Diana Knyazeva

Subcommittee members discussed four potential topics for consideration: (1) the use of credit ratings by various market participants and the implications of ratings changes for these market participants; (2) the costs and benefits of the current model for credit rating issuance; (3) the U.S. regulatory regime for credit rating agencies registered as NRSROs; and (4) issuances of unsolicited credit ratings and the publication of commentaries.

The call concluded at approximately 4:00 p.m.