In this report, we assess the prospects for asset-management systemic regulation now that the FSOC has – at least for the foreseeable future – backed away from firm-specific SIFI designation and instead turned to a review of activities and practices in which asset managers, regardless of charter, engage.  This approach – activity-and-practice, not firm, designation – reflects the approach Karen Petrou supported before the Federal Reserve last spring, not to mention the formidable political and policy objections both non-bank asset managers and the SEC have raised to designation. 

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