Overview
The fund industry plays an important role in Americans’ investment and savings, managing $25.8 trillion through mutual funds, exchange-traded funds, closed-end funds, and unit investment trusts.
Asset management is an agency business. This means that firms manage, but do not own, the assets that they invest on behalf of funds or other clients. Asset managers generally decide where and how to invest assets on behalf of their investors—but any profits or losses belong to the investors, not the manager. As regulators in the United States and around the world discuss systemic risk and consider imposing new regulations on asset managers that could ultimately be paid for by fund investors, this is an important distinction for policymakers and the public to understand.
ICI and its members remain committed to the promotion of financial stability; to sensible, deliberate, and data-driven regulation; and to advancing the public understanding of mutual funds and the key role they play in the financial system. This resource center contains the latest news, analysis, and resources from ICI and others on the regulatory developments around financial stability and the asset management industry.
Committees & Working Groups
ICI Contact List
News & Publications
News & Publications
2026 ICI Innovate: How AI Is Reshaping the Asset Management Industry
Last week, more than 370 operations and technology professionals attended the third annual ICI Innovate conference in Houston to discuss the transformations that AI, digital assets, and other new technologies are driving across the asset management industry.
Operations is sort of key to making all of these rules work. And so it doesn't help much if we're...
Panelists in conversation during the Unified Approach: Operations and Technology in Lockstep panel. The Promise and the Peril of AI AI—and how it’s reshaping the future of work—was one of the hottest...
Don't Miss Our Next Conference ICI’s busy 2026 conference season is just kicking off. Don't miss our next conference, the Investment Management Conference (IMC) in Palm Desert, CA, from March 22 to 25...
Millions of Investors Could Feel Unintended Consequences of Upcoming SEC Reporting Rules
The SEC’s Form N‑PORT reporting framework has successfully balanced transparency and investor protection by providing regulators with monthly portfolio data while limiting public disclosure to quarterly reports. This approach has made registered funds highly transparent. However, SEC changes adopted in 2024 threaten to upset this balance and could ultimately harm investors.
Unintended Consequences: How Increased Reporting Frequency Can Affect Investors More frequent public disclosure gives market participants additional data points about a fund’s trading strategy...
Public Disclosure: Risks to Investor Costs and Fund Strategies A fund manager’s investment strategy and current holdings are valuable intellectual property, often developed through extensive research...
Investing in America’s Next 250 Years
As Americans gather throughout the year to celebrate the 250th anniversary of the nation’s founding, we are presented with a rare moment to reflect on the ideas and institutions that have shaped our...
ICI Partnership with America250 Spotlights 76 Million Households Building Wealth Through Funds
ICI announced a partnership with America250 to launch digital content and a national advertising campaign showcasing the investment fund industry’s role in supporting the U.S. economy, communities, and families.
Policy & Regulatory Updates
Policy & Regulatory Updates
ICI Letter Urging Passage of the GROWTH Act of 2025
ICI submitted a letter to Majority Leader John Thune, Minority Leader Charles Schumer, House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries urging for their support and passage of the GROWTH Act of 2025.
ICI Letter Supporting the FSOC Improvement Act of 2025
ICI submitted a letter to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries in support of H.R. 3682, the Financial Stability Oversight Council Improvement Act of 2025, sponsored by Reps. Bill Foster (D‑IL) and Bill Huizenga (R‑MI).
ICI Comment Letter to the Financial Services Committee on the Modernization of the '40 Act
ICI submitted a a letter to the Financial Services Committee commending its work to pass the bipartisan INVEST Act and to emphasize the importance of modernizing the Investment Company Act of 1940 (‘40 Act) as it prepares to receive the testimony of SEC Chairman Paul Atkins on February 11, 2026.
ICI Response to the SEBI on the Netting of Funds for Transactions by FPIs
ICI submitted a comment letter responding to the Securities and Exchange Board of India’s consultation paper on a proposal to permit netting of funds for transactions by Foreign Portfolio Investors.
Member Resources
Member Resources
ICI Letter Urging Passage of the GROWTH Act of 2025
ICI submitted a letter to Majority Leader John Thune, Minority Leader Charles Schumer, House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries urging for their support and passage of the GROWTH Act of 2025.
ICI Letter Supporting the FSOC Improvement Act of 2025
ICI submitted a letter to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries in support of H.R. 3682, the Financial Stability Oversight Council Improvement Act of 2025, sponsored by Reps. Bill Foster (D‑IL) and Bill Huizenga (R‑MI).
ICI Comment Letter to the Financial Services Committee on the Modernization of the '40 Act
ICI submitted a a letter to the Financial Services Committee commending its work to pass the bipartisan INVEST Act and to emphasize the importance of modernizing the Investment Company Act of 1940 (‘40 Act) as it prepares to receive the testimony of SEC Chairman Paul Atkins on February 11, 2026.
ICI Response to the SEBI on the Netting of Funds for Transactions by FPIs
ICI submitted a comment letter responding to the Securities and Exchange Board of India’s consultation paper on a proposal to permit netting of funds for transactions by Foreign Portfolio Investors.