Financial Stability
This resource center contains the latest news, analysis, and resources from ICI and others on the regulatory developments around financial stability and the asset management industry.
Overview
The fund industry plays an important role in Americans’ investment and savings, managing $25.8 trillion through mutual funds, exchange-traded funds, closed-end funds, and unit investment trusts.
Asset management is an agency business. This means that firms manage, but do not own, the assets that they invest on behalf of funds or other clients. Asset managers generally decide where and how to invest assets on behalf of their investors—but any profits or losses belong to the investors, not the manager. As regulators in the United States and around the world discuss systemic risk and consider imposing new regulations on asset managers that could ultimately be paid for by fund investors, this is an important distinction for policymakers and the public to understand.
ICI and its members remain committed to the promotion of financial stability; to sensible, deliberate, and data-driven regulation; and to advancing the public understanding of mutual funds and the key role they play in the financial system. This resource center contains the latest news, analysis, and resources from ICI and others on the regulatory developments around financial stability and the asset management industry.
Committees & Working Groups
ICI Contact List
News & Publications
News & Publications
ICI Quarterly Update, April 2025
By Paul Cellupica, General Counsel With Paul Atkins taking the helm of the SEC, we are entering a time of tremendous opportunity to enact commonsense policies that will benefit tens of millions of current investors and help more Americans create wealth through long-term investing...
ICI Daily News: SCOTUS to Hear Case That Could Curb Activist Lawsuits Lessons from ICI’s 2025 Leadership Summit ICI Applauds Introduction of House Bill to Reform FSOC IRA Investors in Mutual Funds Concentrate Their Assets in Lower-Cost Mutual Funds ICI Announces Tom Quaadman Will Lead...
Leadership Summit April 30–May 2 Leadership Summit begins this week! There’s still time to register. Join industry leaders in the heart of Washington, DC, for unbeatable networking opportunities and expert insights on asset management’s biggest topics, including private markets...
Facilitating Retail Investor Access to Private Markets Private markets have seen explosive growth over the past decade, with institutional and high net-worth investors capitalizing on the many opportunities and historically higher returns available in these markets. As more companies...
ICI Submits Recommendations to New SEC Chairman On April 11, ICI submitted a letter to the newly confirmed SEC Chairman, Paul Atkins, laying out nine priority recommendations for the SEC that ICI thinks will have the greatest positive impact for investors. The letter covers five...
“Recent strong inflows may be a response to the spike in volatility in the financial markets we’ve seen lately,” said Shelly Antoniewicz, chief economist for ICI. “With short-term interest rates still at elevated levels historically, money market funds—which pass earned interest on to...
ICI Quarterly Update, July 2025
This quarter marked significant progress in advancing policies that protect investors and strengthen America’s retirement system. With the passage of the recent tax reform bill, lawmakers delivered a major win for fund shareholders and savers nationwide. The new law safeguards the...
ICI Daily News: SCOTUS to Hear Case That Could Curb Activist Lawsuits Lessons from ICI’s 2025 Leadership Summit ICI Applauds Introduction of House Bill to Reform FSOC IRA Investors in Mutual Funds Concentrate Their Assets in Lower-Cost Mutual Funds ICI Announces Tom Quaadman Will Lead...
ETF Conference September 8–10 ICI’s first-ever conference focused exclusively on ETFs will bring together ETF sponsors, regulators, and other market participants in a vibrant environment of learning, discussion, and collaboration. Tax and Accounting Conference October 5–8 Join us to...
The SEC’s Director of the Division of Investment Management Brian Daly in conversation with ICI’s General Counsel Paul Cellupica. This week, ICI hosted the Securities and Exchange Commission’s (SEC) new Director of the Division of Investment Management, Brian Daly, for a discussion...
ICI has launched several new committees and working groups over the past few months, many of which are actively seeking new members: The Financial Innovation Advisory Committee (FIAC) brings together a unique cross-section of our membership to grapple with the regulatory and...
ICI President and CEO Eric J. Pan appeared on CNBC’s ETF Edge in July to discuss developments in the current regulatory landscape: “We want to be pro-innovation. We like the idea that through competition, firms, our members, can come up with new products, try them out, see if there's...
ICI Welcomes Congressional Review of Outdated Dodd-Frank Act in Capitol Hill Testimony
Ahead of the 15-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Investment Company Institute (ICI) Chief Government Affairs and Public Policy Officer Tom Quaadman testified before the House Financial Services Committee on...
Ahead of the 15-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Investment Company Institute (ICI) Chief Government Affairs and Public Policy Officer Tom Quaadman testified before the House Financial Services Committee on recommendations to enhance the Dodd-Frank Act and rectify its shortcomings.
Policy & Regulatory Updates
Policy & Regulatory Updates
TEST - ICI Comment Letter Opposing Sales Tax on Additional Services in Maryland
The Investment Company Institute submitted a comment letter to oppose SB 1045 and HB 1554, which expands the sales tax on additional services including financial services in the state of Maryland. Read more in the comment letter.
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ICI Comment Letter Opposing Sales Tax on Additional Services in Maryland
The Investment Company Institute submitted a comment letter to oppose SB 1045 and HB 1554, which expands the sales tax on additional services including financial services in the state of Maryland. Read more in the comment letter.
ICI Response to the European Commission on the Savings and Investments Union
ICI Comment Letter in Support of Approving the FS Co-Investment Application
Research & Statistics
Research & Statistics
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Section 3 Title Goes Here Thsi proposal would fundamentally alter the management, operation, and pricing of mutual funds, as well as how investors purchase and sell their shares. Among other things, the proposal requires mutual funds to adopt mandatory swing pricing and impose a “hard...
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Section 3 Title Goes Here Thsi proposal would fundamentally alter the management, operation, and pricing of mutual funds, as well as how investors purchase and sell their shares. Among other things, the proposal requires mutual funds to adopt mandatory swing pricing and impose a “hard...
Member Resources
Member Resources
TEST - ICI Comment Letter Opposing Sales Tax on Additional Services in Maryland
The Investment Company Institute submitted a comment letter to oppose SB 1045 and HB 1554, which expands the sales tax on additional services including financial services in the state of Maryland. Read more in the comment letter.
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ICI Comment Letter Opposing Sales Tax on Additional Services in Maryland
The Investment Company Institute submitted a comment letter to oppose SB 1045 and HB 1554, which expands the sales tax on additional services including financial services in the state of Maryland. Read more in the comment letter.
ICI Response to the European Commission on the Savings and Investments Union