Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of February 8, 2019 Call

The call convened at approximately 2:00 p.m. via telephone. The following Subcommittee Members were on the call:

Lynn Martin
Matt Andresen
John Bagley
Horace Carter
Ananth Madhavan
Amy McGarrity
Elisse Walter
Brad Winges

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

Rebecca Olsen
Ahmed Abonamah
Mary Simpkins
Adam Wendell

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

Elizabeth Baird
David Dimitrious
Tom Eady
Benjamin Bernstein
Michael Gaw

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

Christian Broadbent

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

Jessica Kane
Annemarie Ettinger

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

Michael Schihl
Abby Kim
Louis Craig

Subcommittee members discussed issues and potential solutions related to promoting (i) greater retail investor participation in the primary offering process for municipal securities and (ii) increased secondary market trading liquidity for retail customers. Subcommittee members also discussed issues relating to the timeliness of municipal financial reporting and certain recommendations from the SEC's 2012 Municipal Securities Report.

The call concluded at approximately 2:50 p.m.