Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of September 5, 2018 Call

The Municipal Securities Transparency Subcommittee held a call on September 5, 2018.

The call convened at approximately 1:00 p.m. via telephone. The following Subcommittee Members were on the call:
Lynn Martin
Matt Andresen
Michael Heaney
John Bagley
Ananth Madhavan
Horace Carter
Amy McGarrity

The following staff from the Office of Municipal Securities joined the call:
Rebecca Olsen
Ahmed Abonamah
Ben Tecmire
Will Miller

The following staff from the Division of Trading and Markets joined the call:
David Dimitrious
Tom Eady
Justin Pica
Ben Bernstein
Molly Kim
Michael Gaw

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

The Subcommittee broadly discussed three topics concerning transparency in the municipal securities market.  First, subcommittee members discussed the yet-to-be implemented transparency recommendations in the Commission’s 2012 Report on the Municipal Securities Market.  Second, subcommittee members discussed issues concerning XRBL disclosure in the municipal securities market.  Third, subcommittee members discussed potential improvements to the primary offering process, including how to improve retail participation in primary offerings.  Subcommittee members agreed to further discuss the first and third topics at the next Subcommittee call and to invite market participants to provide insight on how to increase retail participation in the primary offering process.

The call concluded at approximately 2:00 p.m.