Global regulators in London have called fund groups BlackRock, Fidelity, Pimco and Vanguard to discuss the proposal of considering large asset managers as systemically important financial institutions (SIFIs).

The SIFI classification will require costly changes to the fund groups operating models, reported the Financial Times.

The meetings were held at the headquarters of the Financial Conduct Authority (FCA), while the consultation process for discussions was initiated earlier this year by the Financial Stability Board that co-ordinates financial regulators and the International Organisation of Securities Commissions, according to the news source.

Earlier, similar proposals by US regulators saw hard industry conflict with former Congressman, Barney Frank, expressing surprise over the consideration of asset managers as SIFIs.

The US regulators suggested that asset management groups with assets of over $100 billion should be reviewed for their systemic importance.

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