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 Statement on the EU Market Integration and Supervision Package (MISP)
ICI published a position paper on the European Commission’s Market Integration and Supervision Package, setting out targeted recommendations to strengthen the practical functioning of the EU’s cross‑border fund market and support the success of the Savings and Investments Union.
Open Markets or Closed Doors: Europe’s Securitisation Choice
Securitisation has become a revealing test of Europe’s capital markets ambitions. Both the EU and the UK are revisiting their securitisation frameworks in the name of growth, competitiveness, and better‑functioning markets. That focus is well placed: a healthy securitisation market is a critical mechanism for freeing up bank balance sheets, supporting lending, and mobilising long‑term capital.
How Funds Help Build the American Dream
ICI’s latest national survey on Americans’ views of 401(k) and other defined contribution plans shows just how central workplace retirement plan are to household financial security.
Workplace Retirement Plans Matter 47% of workplace retirement account owners say they probably would not save for retirement without a plan at work. 92% say payroll deduction makes it easier to save...
Making it easier to save Nearly half of DC plan account owners said they probably would not save for retirement without a workplace plan. That number is even higher for people in lower-income...
Americans want to preserve workplace retirement plans 87% of Americans oppose eliminating the tax advantages of DC accounts. 77% are confident that 401(k) and other employer-sponsored retirement plan...
This strong support is not limited to people who already have retirement accounts. Even among individuals whose households do not currently own a DC plan account or an individual retirement account...
Updating What “Small” Means in Today’s Asset Management Industry
In 1982, the asset management industry landscape looked very different. ETFs didn’t exist, most work was done without modern technology, and most people would be lucky to have a beeper, much less a...
The Pressures Facing Smaller Funds Fixed compliance costs spread across fewer assets, leading to higher expense ratios and pressure on net returns Structural scale advantages that favor larger...
Small entities are essential to a competitive and innovative asset management ecosystem, expanding investor choice through specialized and niche strategies. Regulatory burdens that disproportionately affect these firms can weaken competition, restrict investor options, and reduce the overall diversity of the industry.
Policy & Regulatory Updates
Policy & Regulatory Updates
ICI Letter on Proposed Amendments to FINRA Rule 2210
The Investment Company Institute submitted a comment letter in support of FINRA's proposed amendments to Rule 2210, which regulates communications with the public (the “rule”). The Proposal would...
ICI Response to the SEC's Small Entity Definitions Proposal
ICI submitted a comment letter to the SEC, responding to its proposed amendments to the definitions of “small fund” and “small adviser” for purposes of the Regulatory Flexibility Act.
ICI Response to the Australian Treasury's Consultation on Sustainable Investment Product Labelling Regime
ICI submitted a comment letter to the Australian Treasury in response to its consultation on the elements of the sustainable financial product labelling regime.
ICI Response to Singapore Consultation on Liquidity Risk Management Practices
ICI responded to the Monetary Authority of Singapore (MAS) consultation on updates to its guidelines on liquidity risk management practices for fund management companies.
Member Resources
Member Resources
ICI Letter on Proposed Amendments to FINRA Rule 2210
The Investment Company Institute submitted a comment letter in support of FINRA's proposed amendments to Rule 2210, which regulates communications with the public (the “rule”). The Proposal would...
ICI Response to the SEC's Small Entity Definitions Proposal
ICI submitted a comment letter to the SEC, responding to its proposed amendments to the definitions of “small fund” and “small adviser” for purposes of the Regulatory Flexibility Act.
ICI Response to the Australian Treasury's Consultation on Sustainable Investment Product Labelling Regime
ICI submitted a comment letter to the Australian Treasury in response to its consultation on the elements of the sustainable financial product labelling regime.
ICI Response to Singapore Consultation on Liquidity Risk Management Practices
ICI responded to the Monetary Authority of Singapore (MAS) consultation on updates to its guidelines on liquidity risk management practices for fund management companies.