COVID-19 Resource Center

This resource center compiles ICI’s work in regulatory, legislative, and operational areas relating to the COVID-19 pandemic. Members may sign in for more resources on the latest US and global developments affecting the fund industry and fund investors.

Pandemic and Economic Shutdown Drove Financial Turmoil in March 2020

ICI’s research series on the market impact of COVID-19 analyzes financial
markets’ reactions to the pandemic and the US government's response.

COVID-19 Working Group Report

The COVID-19 Market Impact Working Group, made up of senior industry executives, was charged by the Executive Committee of ICI’s Board of Governors to examine the causes of the 2020 market turmoil and the experiences of regulated funds.

As policymakers around the globe study the events and causes of March 2020, ICI’s Working Group Report—released as a series of papers and written by ICI Global and ICI’s Research, Law, and Industry Operations groups—provides a data-based foundation for future regulatory discussions or other responses that could affect regulated funds and their investors.

Experiences of US Bond Mutual Funds

In addition to the Working Group Report, ICI Research released an ICI Viewpoints series to examine US bond mutual funds during the crisis.

April 8, 2021

By Sean Collins

Growth in Bond Mutual Funds: A Question of Balance

Why have bond mutual funds grown substantially in the past several years? There are two possible...

March 19, 2021

By Sean Collins

Growth in Bond Mutual Funds: See the Whole Picture

In the past decade, a number of regulators and academics have discussed concerns about the growth in...

March 11, 2021

By Sean Collins

What’s in a Name, Redux: For Bond Mutual Funds, “Corporate” Matters

Policymakers around the globe are studying the turmoil in March 2020 related to the COVID-19...

March 4, 2021

By Sean Collins

Bond Mutual Fund Outflows: A Measured Investor Response to a Massive Shock

The evidence about what happened to financial markets in March 2020 is still far too mixed and...

Experiences of European Markets, UCITS, and European ETFs

Regulated Funds in Europe During the COVID-19 Crisis

When the COVID-19 pandemic hit, economic shutdowns around the world led to turmoil in the financial...

ICI: UCITS Weathered COVID-19 Market Crisis Well

UCITS managers responded to challenges created by the COVID-19-related market turmoil in March by...

Experiences of European Markets, UCITS, and European ETFs During the COVID-19 Crisis (pdf)

Experiences of European Markets, UCITS, and European ETFs During the COVID-19 Crisis Summary (pdf) – Simplified Chinese

Experiences of US Money Market Funds

ICI: Prime Money Market Funds Didn’t Trigger Financial Turmoil in March

There were serious and widespread dislocations in short-term credit and other fixed-income markets...

Experiences of US Money Market Funds During the COVID-19 Crisis (pdf)

Experiences of US Money Market Funds During the COVID-19 Crisis Summary (pdf) – Simplified Chinese

Experiences of US Exchange-Traded Funds

ICI: ETFs Proved Resilient During Unprecedented COVID-19 Market Volatility

ICI: ETFs Proved Resilient During Unprecedented COVID-19 Market Volatility New Paper Details How ETF...

Experiences of US Exchange-Traded Funds During the COVID-19 Crisis (pdf)

Experiences of US Exchange-Traded Funds During the COVID-19 Crisis Summary (pdf) – Simplified Chinese

Impact on the Economy and Financial Markets

ICI: Pandemic and Economic Shutdown Drove Financial Turmoil in March

Financial markets’ significant volatility in March reflected a combination of unprecedented factors...

October 14, 2020

By Sean Collins

Market Turmoil and Liquidity Crunch Rooted in the COVID-19 Pandemic

The first paper in ICI’s new research series, “The Impact of COVID-19 on Economies and Financial...

The Impact of COVID-19 on Economies and Financial Markets (pdf)

The Impact of COVID-19 on Economies and Financial Markets Summary (pdf) – Simplified Chinese

General ICI Resources

Press Releases and Statements

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Speech

COVID-19’s Impact on Money Markets, Crane’s Fund Symposium

ICI President and CEO Paul Schott Stevens shares research findings and analysis on the experiences...

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News Release

ICI Statement on Enactment of COVID-19 Relief Package

Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...

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News Release

ICI Applauds Congressional Action to Provide COVID-19 Relief

Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...

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News Release

ICI Calls for Immediate Congressional Action to Address COVID-19 Relief

Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...

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News Release

ICI: “Vitally Important" That Financial Markets Remain Open

Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...

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Research and Commentary

Effect of March 2020 on Fixed-Income Markets and Open-End Funds: Holistic Review and Policy Implications: Summary of Proceedings and Key Points

A Study of the Performance of Money Market Funds and the Short-Term Funding Markets During March 2020: Summary of Proceedings and Key Points

April 22, 2020

By Paul Schott Stevens

Regulated Funds: Supporting the Economy During the COVID-19 Crisis

In a recent call with the Financial Stability Board, ICI President and CEO Paul Schott Stevens...

Focus on Funds: During Global Turbulence, Funds Continue to Operate Efficiently

The COVID-19 pandemic has triggered a global shutdown and market turbulence, but funds are operating...

March 22, 2020

By Paul Schott Stevens

Working to Ensure Funds Can Maintain Vital Services

Key personnel of mutual fund sponsors and service providers should be deemed “essential workers” and...

March 20, 2020

By Paul Schott Stevens

During COVID-19 Crisis, Fund Company Staff Are Essential

As governments consider extending orders to “shelter in place,” they must include staff of fund...

March 17, 2020

By Shelly Antoniewicz

ETFs Are Passing the COVID-19 Crisis Test

How have exchange-traded funds (ETFs) weathered the intensifying financial market fallout from the...

Focus on Funds: Amid Volatile Markets, Fund Investors Stay the Course

Focus on Funds Amid Volatile Markets, Fund Investors Stay the Course Despite ups and downs in the...

March 11, 2020

By Sean Collins

Mutual Fund Flows in the COVID-19 Crisis

The novel coronavirus disease, or COVID-19, is taking a heavy toll on the world economy—in lives, in...

Comment Letters

Coalition Letter to the European Commission and OECD on COVID-19-Related Tax Treaty Challenges (pdf)

ICI Joins Letter to BCBS and IOSCO Requesting Suspension of UMR Compliance Dates (pdf)

ICI Letter to IRS Regarding COVID-19 Related Tax Relief Challenges (pdf)

ICI Letter to IRS Urges Guidance on Tax Filing Deadline (pdf)

ICI Letter to the National Governors Association on Shelter in Place (pdf)

Joint Statement on Keeping European Markets Open (pdf)

Resources for Members

US Developments: Legislative

October 12, 2021

Memo #33818

SEC Chair Gensler's Testimony on October 5 Before the House Financial Services Committee

On October 5, SEC Chair Gary Gensler testified before the House Financial Services Committee[1] on four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market structure; (iii) predictive data analytics; and (iv) issuers and...

Securities and Exchange Commission

October 12, 2021

Memo #33818

SEC Chair Gensler's Testimony on October 5 Before the House Financial Services Committee

On October 5, SEC Chair Gary Gensler testified before the House Financial Services Committee[1] on four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market structure; (iii) predictive data analytics; and (iv) issuers and...

Federal Reserve Board and Treasury Department

October 12, 2021

Memo #33818

SEC Chair Gensler's Testimony on October 5 Before the House Financial Services Committee

On October 5, SEC Chair Gary Gensler testified before the House Financial Services Committee[1] on four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market structure; (iii) predictive data analytics; and (iv) issuers and...

Commodity Futures Trading Commission and National Futures Association

October 12, 2021

Memo #33818

SEC Chair Gensler's Testimony on October 5 Before the House Financial Services Committee

On October 5, SEC Chair Gary Gensler testified before the House Financial Services Committee[1] on four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market structure; (iii) predictive data analytics; and (iv) issuers and...

External Resources

Regulators and Policymakers

United States

Global

Business Continuity Resources

Cellular Contacts for Key ICI Staff
Feb 12, 2021
DTCC Coronavirus FAQ (pdf)
Aug 4, 2020
Business Continuity Resource Center
Focus on Funds: During Global Turbulence, Funds Continue to Operate Efficiently
Apr 17, 2020
COVID-19 Exploited by Malicious Cyber Actors: Joint Alert from US CISA and the UK’s Nation Cyber Security Center (UK CSC)
India COVID-19 Tracker
Ministry of Health and Family Welfare India
Worldometer Germany
Travel Letter Template for Essential Employee (pdf)
Mar 24, 2020
Treasury Press Statement on Financial Services Sector Essential Critical Infrastructure Workers
Working to Ensure Funds Can Maintain Vital Services
Mar 22, 2020
ICI Letter to the National Governors Association on Shelter in Place (pdf)
Mar 21, 2020
During COVID-19 Crisis, Fund Company Staff Are Essential
Mar 20, 2020
CISA Guidance on the Essential Critical Infrastructure Workforce, Version 4.0
Dec 16, 2020
Treasury Memorandum on Financial Services Sector Essential Critical Infrastructure Workers (pdf)
Mar 22, 2019
Evaluating Fund Policies, Procedures, and Disclosure in Light of Unanticipated Events on Securities Trading Venues (pdf)
Apr 12, 2016