ICI Statement on FSOC Request for Comment on Asset Management and Financial Stability
Washington, DC, December 18, 2014 - ICI President and CEO Paul Schott Stevens made the following statement today in response to the Financial Stability Oversight Council’s (FSOC) request for comment on its review of the asset management industry:
“ICI and its members commend the FSOC for soliciting public input on areas in which it sees potential for systemic risk in asset management. We welcome the opportunity to provide perspective and data on the regulation and experience of regulated funds in the U.S. and elsewhere. We are confident that when the FSOC considers the comment record, it will conclude that regulated funds do not pose the heightened risks that concern financial stability regulators.
“At the same time, on the basis of the FSOC’s other actions, we remain deeply concerned about the lack of transparency and accountability in the Council’s process for designating non-bank systemically important financial institutions. We will continue to urge fundamental reforms of that process to make it more fair and open.”
Please visit ICI’s Financial Stability Resource Center for more information.