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
ICI Quarterly Update, July 2026
This quarter demonstrated the power of sustained, investor-focused advocacy—and the progress that is possible when policymakers hear directly from the people our work affects. At ICI’s headquarters...
America at 250: a Nation of Investors As the country marked its 250 th anniversary in July, ICI made the case that the United States has become something the founders never envisioned: a nation of...
Worth a Click ICI's General Counsel, Paul Cellupica, in conversation with the SEC’s Director of the Division of Investment Management, Brian Daly. ICI to House Committee: Regulated Funds Ready to...
Advocating for Investment Funds ICI Backs DOL's Asset-Neutral Framework for 401(k) Investment Options
ICI's research indicates that retirement savers can benefit from the option to access private market...
In June, ICI filed a comment letter supporting the Department of Labor's proposed rule establishing an asset-neutral, process-based safe harbor for selecting 401(k) plan investment options in...
Supporting Members Helping Make Trump Accounts Work for Families and the Fund Industry Trump Accounts officially launched on July 4, creating a new opportunity to introduce children to saving and...
In the News ICI said it has had two meetings with Treasury officials, who at one stage discussed “shutting this down in some form or another,” according to Mike Horn, the group’s deputy general...
A Supreme Court Win for Fund Investors — and the Work That Remains
The Supreme Court has handed fund investors a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6–3 that Section 47(b) of the Investment Company Act of 1940 does not create an implied private right of action, confirming that responsibility for enforcing the statute rests with the Securities and Exchange Commission.
The Supreme Court held in FS Credit Opportunities Corp. v. Saba Capital Master Fund that Section 47(b) of the Investment Company Act of 1940 does not create a private right of action, preserving the...
The Supreme Court has handed regulated funds and the nearly 130 million Americans who invest in them a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6...
SEC’s Proposal Will Strengthen the Registered Offering Framework
ICI submitted a comment letter on the SEC's Registered Offering Reform proposal, which will modernize and strengthen the registered offering framework to make public offerings more attractive to issuers.
Sowing the Seeds of Deeper Capital Markets: Europe’s Problem With Risk
The debate over raising the UCITS 10% single-issuer limit for securitisations highlights a broader challenge facing Europe’s capital markets. While policymakers seek deeper capital markets, greater investment, and diverse sources of financing for the real economy, there remains a reluctance to embrace the level of risk-taking that market-based finance requires.
Europe cannot build deeper securitisation markets by encouraging issuance alone; it also needs rules that allow investors to participate at meaningful scale. The UCITS 10% single-issuer limit was...
The growing debate over whether to raise the UCITS 10% single-issuer limit for securitisations reveals a lot about Europe’s relationship with risk. Europe wants deeper capital markets, more investment...
Policy & Regulatory Updates
Policy & Regulatory Updates
ICI Comment Letter to the New York Department of Financial Services Regarding Insurance Company Investment in Fixed Income ETFs
ICI submitted a comment letter to the New York Department of Financial Services regarding insurance company investment in Fixed Income ETFs.
ICI Response to the CBI, AMF and CSSF Consultations on their MMF Guidance
ICI submitted letters of response to the Autorité des Marchés Financiers, Central Bank of Ireland and to the Commission de Surveillance du Secteur Financier on their consultation paper on the Guidance on Money Market Fund Weekly Asset Level.
Joint Letter on Prohibited Transaction Exemption Procedures
The Investment Company Institute, The Securities Industry and Financial Markets Association, U.S. Chamber of Commerce, SPARK Institute and Insured Retirement Institute submitted a joint letter to the...
ICI Comment Letter on Proposed Amendments to Rule 2210
ICI submitted a letter to FINRA supporting its proposed amendments to Rule 2210 to permit performance projections and targeted returns.
Research & Statistics
Research & Statistics
Tokenization: An Asset Management Perspective
Tokenization continues to evolve, ICI’s new paper, Tokenization: An Asset Management Perspective, explores what these developments mean for asset managers, registered funds, and the investors they serve.
Member Resources
Member Resources
ICI Comment Letter to the New York Department of Financial Services Regarding Insurance Company Investment in Fixed Income ETFs
ICI submitted a comment letter to the New York Department of Financial Services regarding insurance company investment in Fixed Income ETFs.
ICI Response to the CBI, AMF and CSSF Consultations on their MMF Guidance
ICI submitted letters of response to the Autorité des Marchés Financiers, Central Bank of Ireland and to the Commission de Surveillance du Secteur Financier on their consultation paper on the Guidance on Money Market Fund Weekly Asset Level.
Joint Letter on Prohibited Transaction Exemption Procedures
The Investment Company Institute, The Securities Industry and Financial Markets Association, U.S. Chamber of Commerce, SPARK Institute and Insured Retirement Institute submitted a joint letter to the...
ICI Comment Letter on Proposed Amendments to Rule 2210
ICI submitted a letter to FINRA supporting its proposed amendments to Rule 2210 to permit performance projections and targeted returns.