Fixed Income Market Structure Advisory Committee — Credit Ratings Subcommittee

Summary Minutes of December 16, 2019 Call

The Credit Ratings Subcommittee held a telephonic meeting on December 16, 2019.

The call convened at approximately 1:00 p.m. The following Subcommittee Members were on the call:

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

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

Elizabeth Baird
David Dimitrious
Tom Eady
Arisa Tinaves Kettig

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

Jessica Kane
Rolaine Bancroft
Annemarie Ettinger
Harriet Orol
Alexa Strear
Andrew Vita

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

Diana Knyazeva

The following staff from the Office of Municipal Securities joined the call:

Ahmed Abonamah
Adam Wendell

The Subcommittee discussed a recommendation for a potential alternative compensation model for nationally recognized statistical rating organizations, or NRSROs.

The call concluded at approximately 2:00 p.m.