The Institute of International Finance today released the following statement from IIF President and CEO Tim Adams after the U.S. Treasury Department published: " Financial System That Creates Economic Opportunities: Asset Management and Insurance".

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"We applaud the Treasury Department for their attention to the insurance and asset management industries, which significantly contribute to financial stability and economic growth. We welcome the Treasury's support for continued and coordinated U.S. participation in IOSCO, the IAIS and other' global standard setting bodies, and for policymaking processes that are transparent, fact-based, and provide appropriate opportunity for public input. The IIF supports Treasury's position that entity-based systemic risk evaluations are not the best approach for mitigating any systemic risks that may arise in asset management and insurance and supports a shift in focus to possible risks in products and activities. We look forward to continuing to work with U.S. and global standard setters to ensure greater consistency in the regulation of asset managers and global insurers while preserving the primary role of domestic regulators."