ICI Viewpoints Blog

The Supreme Court has handed fund investors a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6–3 that Section 47(b) of the Investment Company Act of 1940 does not create an implied private right of action, confirming that responsibility for enforcing the statute rests with the Securities and Exchange Commission.

The Supreme Court has handed regulated funds and the nearly 130 million Americans who invest in them a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6...

The debate over raising the UCITS 10% single-issuer limit for securitisations highlights a broader challenge facing Europe’s capital markets. While policymakers seek deeper capital markets, greater investment, and diverse sources of financing for the real economy, there remains a reluctance to embrace the level of risk-taking that market-based finance requires.

The growing debate over whether to raise the UCITS 10% single-issuer limit for securitisations reveals a lot about Europe’s relationship with risk. Europe wants deeper capital markets, more investment...

At an ICI event bipartisan SAFER Act, Representatives Sam Liccardo (D-CA) and Mike Lawler (R-NY) joined ICI leaders to make the case for a federal solution to the problem of state unclaimed property laws that can treat buy-and-hold investors as though they have disappeared.

Representative Mike Lawler (R-NY) speaks at an ICI event about the SAFER Act. Millions of American investors have adopted the advice given by financial advisors to invest for the long term and then...

Tokenization could change how securities and fund shares are issued, held, transferred, and traded. Yet much of the policy discussion has focused on the technology and the markets broadly, without fully examining what these changes could mean for regulated funds and their investors.

Long-term investors often check their accounts only occasionally, reflecting a common buy-and-hold strategy. However, some states are adopting inactivity standards that can trigger the seizure and liquidation of securities accounts, even when the investor has not abandoned the assets.

Millions of Americans buy mutual funds, ETFs, stocks, and other securities with the intention of holding them for years. They may not log in often. They may not trade. They may not check their...

Defined contribution retirement plans have played a critical role in democratizing access to investing in the US. In 2025, approximately 80 million (about 60% ) US household held DC plan accounts. For many Americans, these plans represent not only a vehicle for retirement saving but also their primary introduction to investing in the capital markets.

Private markets play a growing role in economic growth and investment opportunities, yet most retirement savers have limited access to them. The DOL’s proposed safe harbor would make it easier for plan fiduciaries to include private market investments in defined contribution plans, underscoring the need for policy decisions grounded in rigorous economic analysis.

Private markets play an increasingly important role in capital formation, business expansion, and job creation, but access to those investment opportunities remains limited for most retail investors...

The rise of capital ownership is a defining feature of middle-class life in the US. Built through generations of thrift, innovation, and prudent decision-making, supported by the right institutions, products, and policies. That legacy continues, with more than half of U.S. households investing in mutual funds, ETFs, and other investments. Altogether, these roughly 130 million individual investors hold a direct stake in the growth and success of American businesses.

More than 1,000 attendees gathered for ICI’s 2026 ETF Conference, where industry leaders, regulators, and market participants discussed ETF growth, innovation, and the future of these increasingly popular products.

ICI President & CEO Eric J. Pan addresses ETF Conference attendees during his keynote remarks. More than 1,000 attendees gathered for ICI’s 2026 ETF Conference, where industry leaders, regulators, and...

Top SEC Voices Offer the Regulatory Perspective on ETF Growth ICI's General Counsel, Paul Cellupica, in conversation with the SEC’s Director of the Division of Investment Management, Brian Daly. The...

Fund boards are a cornerstone of regulated funds, established to protect investors from conflicts of interest and ensure strong governance. With independent directors representing shareholder interests, fund boards provide critical oversight, upholding transparency, fiduciary standards, and accountability across the industry.

A discussion group of independent directors at the 2025 IDC Fund Directors Conference Individual investors in America enjoy a broad and diverse range of investment choices. A myriad of financial...