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Alternative Market Briefing

Laurence Fink notes shift in U.S. regulator’s focus to product regulation

Thursday, June 19, 2014

Komfie Manalo, Opalesque Asia:

Market regulators in the U.S. are shifting their focus and are adopting BlackRock Inc.’s strategy to concentrate on products rather than on asset managers, claimed Laurence D. Fink, chief executive officer of the world’s biggest money manager.

He was quoted by Bloomberg as saying, "We’d been a huge advocate and we had many conversations with many regulators about the need to focus more on product regulation." Speaking at BlackRock’s investor conference in New York, Fink noted that "regulators are being refocused" on products.

He said this refocus on regulation has significant implications on the hedge fund industry.

BlackRock has been lobbying Congress not to label the firm as a systemically important financial institution, or SIFI. This, as a group of regulators comprising the Financial Stability Oversight Council, led by Treasury Secretary Jacob J. Lew, is studying if they will designate asset managers for oversight by the Federal Reserve.

In May, BlackRock has called on regulators to set best practices for the way funds are structured globally and to review investor redemption rules in different markets.

BlackRock's suggestions come as regulators in the U.S. ......................

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