Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of March 22, 2019 Call

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

Michael Heaney
Lynn Martin
Carole Brown
Ananth Madhavan
Amy McGarrity
Suzanne Shank
Elisse Walter

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

Rebecca Olsen
Hillary Phelps
Mary Simpkins
Adam Wendell

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

Elizabeth Baird
David Shillman
David Dimitrious
Tom Eady
Benjamin Bernstein
Michael Gaw

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

Paul Cellupica
Christian Broadbent

Subcommittee members discussed issues relating to the timeliness of municipal financial reporting. Subcommittee members also discussed the upcoming presentation to FIMSAC of 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.

The call concluded at approximately 2:40 p.m.