FSOC Approves Changes to Nonbank SIFI Designations Process

During an executive session of the Financial Stability Oversight Council ("Council"), Treasury Secretary Jack Lew along with other Council members voted unanimously to approve recommendations from staff to improve the SIFI designations process. Members also agreed to extend the comment period for those who wish to submit comments in response to the Council's December 2014 notice seeking public comment on asset management products and activities. The original deadline of Feb. 23 has been extended to March 25, 2015.

FSOC Public Conference on Asset Management

On May 19th, the Financial Stability Oversight Council (FSOC) held a public conference on systemic risk in the asset management industry. The conference consisted of three panels comprised of industry practitioners, academics, and other stakeholders. The conference was held as FSOC continues its review of the asset management industry and whether it should be subject to additional oversight.