The SEC has taken the first step in formally establishing an advisory committee to scrutinize the rules of the fixed income market and advise on potential reforms, according to a regulatory filing.
The Fixed Income Market Structure Advisory Committee (FIMSAC) will have a two-year mandate and will likely meet four times a year, with subcommittees potentially meeting more often. Issues the committee may look at include pre-trade transparency, the complexities of the municipal bond market, and bond market liquidity, SEC Commissioner Michael Piwowar said on Thursday in prepared remarks at a market structure conference.
The new committee will have up to 21 voting members that will be appointed by the SEC and will represent a cross-section of the fixed income industry, the filing said. Non-voting members may also be named. The committee can be established 15 days after the SEC filing is published in the federal registry.