SIFMA’s Asset Management Group (SIFMA AMG) submitted comments to the International Organization of Securities Commissions (IOSCO) in response to a consultation report entitled “Good Practices on Reducing Reliance on CRAs in Asset Management” published by IOSCO.

SIFMA AMG members appreciate the efforts of IOSCO in publishing the consultation report and generally support the principles and best practices outlined in the report, which SIFMA AMG believes is consistent with those currently employed by many U.S. asset managers. However, SIFMA AMG said the report paints a fundamentally inaccurate picture of asset management business and its operations, and does not describe the operations of SIFMA members.