ICI Viewpoints Content

Join ICI in Nashville, Tennessee, September 15-17, 2026, for the inaugural Compliance, Risk, and Legal Conference. Connect with industry leaders, regulators, independent directors, and legal, regulatory, and risk professionals to explore the latest developments shaping the investment management industry.

As market indexes become increasingly concentrated, funds that qualify as “diversified” are facing a growing challenge. Many funds must either limit exposure to their largest investments, potentially altering their strategy, or pursue shareholder approval to become non-diversified, a costly and uncertain process.

Fund proxy campaigns are a costly burden. ICI demonstrated this in 2019 and again in 2026 . Major reforms to fund proxy requirements to alleviate these burdens would fit perfectly within the SEC’s...

NBFI’s share of total financial assets has risen in both the US and Euro area since year-end 2023, but the increase is largely driven by equity investment funds and ETFs rather than riskier forms of non-bank activity.

In a 2024 Viewpoints post, we showed that despite substantial growth in absolute terms, non-bank financial intermediation’s (NBFI) share of total financial assets had remained broadly stable in both...

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...