Author(s): Barbara Novick
Date published: Jun 2019
SUERF Policy Note, Issue No 80
by Barbara Novick, BlackRock
JEL-codes: G18, G23, G28, G32, G38.
Keywords: Shadow banking, market-based finance, asset managers, mutual funds, investment funds, macroprudential regulation, regulatory reform, financial stablity, market risk, systemic risk, risk management.
A diversified financial services industry, serving multiple purposes for multiple end-clients, does not lend itself to a simple ‘one-size fits all’ set of rules. In designing any regulatory framework, it is important to consider carefully the different risks associated with different entities and products, and their inter-relationship in the broader financial ecosystem. In this note, we review financial reform over the past ten years, and propose a ‘Products and Activities’ approach to the regulation of asset management going forwards.
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