Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of December 10, 2018 Call

The Municipal Securities Transparency Subcommittee held a call on December 10, 2018.

The call convened at approximately 12:00 p.m. via telephone. The following Subcommittee Members were on the call:

Lynn Martin
Michael Heaney
Matt Andresen
John Bagley
Horace Carter
Ananth Madhavan
Amy McGarrity
Suzanne Shank
Elisse Walter

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

Rebecca Olsen
Ahmed Abonamah
Benjamin Tecmire

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

David Dimitrious
Tom Eady
Ben Bernstein
Justin Pica
Elizabeth Baird

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

Christian Broadbent
Paul Cellupica

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 certain recommendations from the SEC's 2012 Municipal Securities Report.

The call concluded at approximately 1:00 p.m.