FSOC and Sifi designation reform welcomed

Author: John Crabb | Published: 22 Nov 2017

The latest report by the US Treasury Department outlining recommended reform to the Financial Stability Oversight Council (FSOC) and designations for systemically important financial institutions (Sifi), has been heralded as a welcome evolution by the wealth and asset management industries.

In Friday’s report, Treasury Secretary Steven Mnuchin’s recommended changes to the council and its stipulations in response to President Trump’s request for a thorough review of the determination and designation processes of FSOC, which was introduced as part of Dodd-Frank in 2010.

"For the asset management industry, these recommendations are certainly a step in the right direction"

Treasury’s last report on asset management released late last month set the stage for the FSOC report, and, according to David Tittsworth, counsel at Ropes and Gray "these recommendations are certainly a step in the right direction for the asset management industry."

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