Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of September 24, 2018 Call

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

The call convened at approximately 3:00 p.m. via telephone. The following Subcommittee Members were on the call:
Lynn Martin
Matt Andresen
Michael Heaney
John Bagley
Ananth Madhavan
Horace Carter
Elisse Walter
Brad Winges

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
Elizabeth Baird
Emily Russell

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

The Subcommittee first discussed the Commission’s recently proposed Regulation Best Interest. Emily Russell from the Division of Trading and Markets summarized the proposed regulation and addressed questions from the Subcommittee. The Subcommittee then heard from three market participants—Jay Wheatley and Patrick Brett from Citigroup and Chris Kendall from Charles Schwab—on a range of topics concerning retail participation in the primary offering process.

The call concluded at approximately 3:55 p.m.