A proposal by regulators requires passive investment funds to seek approval when holdings hit 10%
BlackRock is launching a broad-based counterattack on a regulatory effort to limit the influence of large fund managers over US banks, saying it will drive up investor costs and “disrupt the flow of capital to the economy”.
BlackRock’s letter said that process was premature. “The FDIC is applying to certain firms as a fait accompli before reviewing comments on the proposal,” it said, adding the approach lacked transparency and “applies inconsistent standards across firms without a clear rationale”. Because of its large index funds, BlackRock holds more than 10 per cent of the shares of 39 banks supervised by the FDIC and many more that would be affected by the proposed expansion.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
McDonald's worker shows how to upgrade your fries for a '10/10' experienceA McDonald's employee has shared a clever hack to jazz up your fries, and you'll never look at the fast-food chain in the same way again
Read more »
Man City player ratings - a 9/10 but one 4/10 as leaders struggle for formA look at how the Manchester City players have ranked so far for their contributions in the opening 11 matches of the season
Read more »
England player ratings vs Pakistan as Root lands 10/10 but Bashir faltersThere are just two real causes for concern as England wrap up an innings victory over Pakistan in the first Test in Multan
Read more »
Student was '10 out of 10' drunk as he took part in 'orgy of lawless behaviour'Shane Taaffe-Rhodes' career plans have been left in tatters after he was jailed
Read more »
A student got '10/10 drunk', now his veterinary career plans are in tattersHe was seen wearing a balaclava and throwing punches
Read more »
We tried the Glasgow sandwich spot wowing foodies with their '10/10' subsA new sandwich shop offering handcrafted subs, coffee and cakes, Sub126 on West Regent Street has been wowing the lunchtime crowds.
Read more »