The asset management business dodged a bullet in late July when the Financial Stability Oversight Council decided not to regulate large fund firms the same way as big banks and industry experts are projecting that the industry will now be in the clear going forward.

The FSOC opted at its July 31 meeting to not include asset management companies as systematically important financial institutions when the topic was raised. The group, which is comprised of 15 federal and state regulators, has instead decided to focus their review on the asset management industry's risky products and activities rather than the fund companies themselves.

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