Fixed Income Market Structure Advisory Committee — ETFs and Bond Funds Subcommittee

Summary Minutes of May 9, 2018 Call

The ETFs and Bond Funds Subcommittee held a call on May 9, 2018. The call convened at approximately 4:30 p.m. Eastern. The following Subcommittee members were on the call:

Ananth Madhavan
Lynn Martin
Amy McGarrity
Kumar Venkataraman
Rachel Wilson

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

David Shillman
David Dimitrious
Thomas Eady
Emerald Greywoode
Benjamin Bernstein

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

Paul Cellupica
Christian Broadbent

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

Rebecca Olsen
Ahmed Abonamah
William Miller
Benjamin Tecmire

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

Mike Anderson
Diana Knyazeva
Alexander Schiller

The Subcommittee discussed its next steps with regard to its near and long term topics of consideration. The primary focus will be on exploring classification schemes for exchange-traded products. The Subcommittee will continue to consider additional topics including retail investor education of ETF trading, the ETF ecosystem, investor protections related to self-directed accounts, and bond mutual funds. The Subcommittee will review background material and meet again in two weeks to discuss further.

The call concluded at approximately 5:30 p.m. Eastern.