Funds Could Face Market Curbs After Lobbying Backfires
Industry sources and G20 officials said fund managers may face tougher scrutiny by global regulators than planned, after their intense lobbying against a first proposal backfired. The sources told Reuters that a global G20 task force is rethinking its initial approach, which involved targeting the biggest funds, and could opt for a more intrusive method that would affect more funds by limiting their market activities during periods of turbulence. The plans are part of an international effort to prevent financial crises. A European asset management industry source said, “The industry fears it may have shot itself in the foot as FSB–the regulatory task force–is coming back with an even more radical proposal.”
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