“Asset management activities are fundamentally different from banking activities. Imposing prudential regulation on asset management firms is like trying to fit a square peg in a round hole,” stated investment management counsel David Tittsworth (Washington, D.C.) in the Aug. 15 edition of ACA Insight. The article, titled “Piwowar Renews Criticism of Prudential Regulation, Calls for Bank Disclosure,” reports on comments made by SEC commissioner Michael Piwowar. In a recent speech in London, Mr. Piwowar restated his view that regulators should cease attempts to adopt prudential, or banking, regulations for asset managers, outlining how, because of their differences, this could exacerbate future crises. In the article, Mr. Tittsworth called Piwowar’s case for market-based prudential regulation “compelling,” and, in addition to praising Mr. Piwowar’s efforts at “ensur[ing] that the SEC remains the primary regulator for asset management,” noted that “his training as an economist should lend additional weight and credence to his views in these important areas.”
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