Asset managers are fighting a proposal from US antitrust authorities to tighten scrutiny over how these firms influence the way businesses operate and, in turn, the prices of everything from airline tickets to food, reported The Wall Street Journal.
In March, the asset-management industry pushed back on the proposed rule on a videocall with congressional staffers. Executives of Capital Group Cos., Fidelity Investments, Nuveen, and Wellington Management joined alongside others, people familiar with the matter said. Securities Industry and Financial Markets Association, a lobbying group, organized the call.
The industry’s pitch was that filing burdens from the rules would cost investors. Some of those on the call said it would also create unnecessary delays that would make it harder for index funds to track benchmarks or for stock pickers to take opportunistic bets.
The proposed rule comes from the Federal Trade Commission. It would require investment firms to file for antitrust review any time a manager’s collective funds go above certain thresholds, in some cases this means holdings of more than 10% of a company. Right now, investment firms generally only have to alert regulators when a single fund takes a large-enough position in a company.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI