Paul Schott Stevens, CEO of US mutual fund group Investment Company Institute, has rejected the new US Treasury research report which suggest that it could create tougher regulation for asset managers.
Responding to the 30 September 2013 report released by the Treasury Department’s Office of Financial Research, Stevens said their bottom line is that the report does not provide any predicate whatsoever for the Financial Stability Oversight Council (FSOC) to be acting to designate firms in the asset management business as SIFIS.
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Reuters quoted Stevens saying that he would like to see them take the report off the table.
The findings of the report are expected to be used by regulators on the FSOC to determine whether they should designate certain large asset managers as ‘systemically important financial institutions’ or SIFIs.
According to BlackRock vice chairman Barbara Novick, the OFR study creates confusion.
"It mixes the risks that are associated with, let’s say an investment product or investment practice versus what might be the risks associated with an asset management firm," Novick added.
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