US attorneys have called on the Financial Stability Oversight Council (FSOC) to exempt asset management companies from being designated as systemically important financial institutions (Sifis).
The Fsoc approved its
final rule and interpretive guidance regarding non-bank Sifi designation on April 3. The proposed definition of covered financial activities includes investment advisers and fund managers, meaning asset management companies that only advise on client funds would fall within the pool of non-bank financial companies vulnerable to Sifi status.
Debevoise & Plimpton partner Gregory Lyons said it is unnecessary to designate these types of entities as Sifis.
“It certainly doesn’t make a lot of sense...
Only subscribers to the full IFLR service have access to this article. Please
log in or
subscribe now.
Alternatively, you can take a
free trial, giving you 7 days of free access to the full IFLR service*.
*Some articles may be restricted to subscribers only.
Subscribe Now
This article is only available to subscribers of the full IFLR service.
Please click here to subscribe.
Subscribe
Take a Free Trial
Click here to gain limited 7 days access through a free trial.
Free Trial
The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our terms and conditions and privacy policy before using the site. All material subject to strictly enforced copyright laws. © 2013 Euromoney Institutional Investor PLC. For help please see our FAQ.