Overview
The fund industry plays an important role in Americans’ investment and savings, managing $25.8 trillion through mutual funds, exchange-traded funds, closed-end funds, and unit investment trusts.
Asset management is an agency business. This means that firms manage, but do not own, the assets that they invest on behalf of funds or other clients. Asset managers generally decide where and how to invest assets on behalf of their investors—but any profits or losses belong to the investors, not the manager. As regulators in the United States and around the world discuss systemic risk and consider imposing new regulations on asset managers that could ultimately be paid for by fund investors, this is an important distinction for policymakers and the public to understand.
ICI and its members remain committed to the promotion of financial stability; to sensible, deliberate, and data-driven regulation; and to advancing the public understanding of mutual funds and the key role they play in the financial system. This resource center contains the latest news, analysis, and resources from ICI and others on the regulatory developments around financial stability and the asset management industry.
Committees & Working Groups
ICI Contact List
News & Publications
News & Publications
What’s Next for ETFs: Innovation, Distribution, and the Investor Experience
ICI’s ETF Conference, returns to Nashville June 8–10. This year’s conference will bring together the full ETF ecosystem to examine what comes next: how products are built, how they trade, how they reach investors, and how the regulatory framework can continue to support innovation while protecting investors.
A Welcome SEC Focus on Fund Proxy Modernization
Mutual funds and ETFs are essential to how millions of Americans build long-term financial security supporting retirement, education, and other life goals. Yet investors ultimately bear the costs of an outdated fund proxy system that no longer reflects modern ownership or communication practices.
Rollovers Fuel Multi-Trillion IRA Market
The Investment Company Institute’s latest study, "The Role of IRAs in US Households’ Saving for Retirement, 2025", shows that IRAs remain central to how millions of Americans save for retirement. By year-end 2025, IRAs held $19.2 trillion, representing 39% of total US retirement assets, up from 24% two decades ago.
DOL Gets It Right on Retirement Plan Investment Options
Millions of Americans depend on 401(k) and other DC plans as their primary path to financial security, where investment choices play a critical role in outcomes. Because of this, the rules guiding how fiduciaries select plan investments are highly consequential. The DOL’s proposed rule would create a process-based, asset-neutral safe harbor to guide these investment decisions.
Policy & Regulatory Updates
Policy & Regulatory Updates
ICI Comment Letter to the FASB Regarding Accounting Standards
ICI submitted a comment letter to the FASB regarding its technical agenda project on Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, as applied to investment companies within the scope of ASC Topic 946.
ICI Comment Letter on PCAOB Strategic Priorities
ICI submitted a comment letter in response to the Public Company Accounting Oversight Board’s request for comment on its strategic priorities.
ICI Letter to the DOL Proposed Rule on Fiduciary Duties
ICI submitted a comment letter to the Department of Labor on its proposed rule on fiduciary duties in selecting designated investment alternatives.
ICI Comment Letter on IIB Request for Exemptive Relief
ICI submitted a comment letter in response to the SEC’s reopened comment period on the IIB’s request for exemptive relief from certain Rule 17ad‑22 trade submission requirements.
Member Resources
Member Resources
ICI Comment Letter to the FASB Regarding Accounting Standards
ICI submitted a comment letter to the FASB regarding its technical agenda project on Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, as applied to investment companies within the scope of ASC Topic 946.
ICI Comment Letter on PCAOB Strategic Priorities
ICI submitted a comment letter in response to the Public Company Accounting Oversight Board’s request for comment on its strategic priorities.
ICI Letter to the DOL Proposed Rule on Fiduciary Duties
ICI submitted a comment letter to the Department of Labor on its proposed rule on fiduciary duties in selecting designated investment alternatives.
ICI Comment Letter on IIB Request for Exemptive Relief
ICI submitted a comment letter in response to the SEC’s reopened comment period on the IIB’s request for exemptive relief from certain Rule 17ad‑22 trade submission requirements.