Fixed Income Market Structure Advisory Committee — ETFs and Bond Funds Subcommittee
Summary Minutes of March 9, 2018 Call
The ETFs and Bond Funds Subcommittee held a call on March 9, 2018. The call convened at approximately 2:00 p.m. Eastern. The following Subcommittee members were on the call:
The following industry participants were on the call:
Bob Colby, Chief Legal Officer, FINRA
Kirby Horan, Research and Product Management, LPL Financial
Dan Moorman, Managing Director, Wells Fargo Advisors
Michael Rufino, Executive Vice President and Head of Member Regulation—Sales Practice, FINRA
Burt White, Head of Investor and Investment Solutions, LPL Financial
The following staff from the Division of Trading and Markets joined the call:
The following staff from the Office of the Investor Advocate joined the call:
The following staff from the Division of Investment Management joined the call:
The following staff from the Office of Municipal Securities joined the call:
The following staff from the Division of Economic and Risk Analysis also joined the call:
The participants on the call discussed several issues surrounding retail investors and bond ETPs and funds. In particular, the participants discussed retail investor knowledge and education, retail sales practices from business and legal perspectives, sales representatives’ trainings on products, and ETP/ETF naming conventions.
The Subcommittee intends to have additional calls in the next several weeks to discuss further and to invite other industry members to join the calls to inform the discussions.
The call concluded at approximately 3:00 p.m. Eastern.