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Paul Schott Stevens President & CEO, Investment Company Institute

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Presentation on theme: "Paul Schott Stevens President & CEO, Investment Company Institute"— Presentation transcript:

1 Paul Schott Stevens President & CEO, Investment Company Institute
December 8, 2016 Systemic Risk: The Role of Securities Regulator: Asset Management and Money Market Funds Paul Schott Stevens President & CEO, Investment Company Institute IOSCO/PIFS-HLS Global Certificate Program for Securities Regulators

2 Focus on Asset Management
Asset management was not a cause of the global financial crisis, but is a focus of regulatory attention. Why? Growing size of asset management sector/regulated funds Banking regulators dominating the debate Prudential vs. capital markets regulatory models December 8, 2016 Systemic Risk: The Role of Securities Regulator: Asset Management and Money Market Funds

3 Implications Asset management disparaged as “shadow banking”
Market risks mistaken for systemic risks Inclination to impose bank regulatory remedies December 8, 2016 Systemic Risk: The Role of Securities Regulator: Asset Management and Money Market Funds

4 Necessary Course Corrections
Focus on “robust” financial system as opposed to “stable” financial system Respect for distinct and important roles of banking and capital markets Deference to IOSCO and capital markets regulators in policy development for asset management December 8, 2016 Systemic Risk: The Role of Securities Regulator: Asset Management and Money Market Funds

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