Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of March 12, 2019 Call

The Municipal Securities Transparency Subcommittee held a call on March 12, 2019.

The call convened at approximately 11:30 a.m. via telephone. The following Subcommittee Members were on the call:

Michael Heaney
Lynn Martin
John Bagley
Carole Brown
Horace Carter
Ananth Madhavan
Amy McGarrity
Elisse Walter
Brad Winges

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

Rebecca Olsen
Hillary Phelps
Ahmed Abonamah
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:

Paul Cellupica
Christian Broadbent

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

Abby Kim
Louis Craig
Michael Schihl

Subcommittee members agreed to present to FIMSAC a recommendation 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. For the discussion of timeliness of municipal financial reporting, David Bean of the Government Accounting Standards Board; Tom Doe of Municipal Market Analytics, Inc.; Nikki Griffith of Howard County, Maryland; and Patrick McCoy of the New York City Metropolitan Transportation Authority joined the call.

The call concluded at approximately 12:30 p.m.