MMI Submits Comments to FSOC on Notice Seeking Comment on Asset Management Products and Activities

The Dodd-Frank legislation enacted in response to the financial crisis of 2008–2009 created the Financial Stability Oversight Council (“FSOC”) composed of representatives from the Federal Reserve, the Department of the Treasury, Consumer Financial Protection Bureau, and other federal financial regulators. FSOC recently requested public comment on its concern about possible systemic risks posed by money manager practices for both the funds industry and our managed account sector, posing approximately 50 questions within its request for comments. Working with MMI’s retained counsel, Morgan, Lewis & Bockius, representatives of MMI’s Legal & Compliance Committee, and directly with several of our member firms, MMI prepared a comment letter for FSOC and submitted it on March 25, 2015. A copy of MMI’s comment letter is available here (PDF).