WASHINGTON — Pushback by the Securities and Exchange Commission is complicating a regulatory effort to investigate whether large asset managers should be labeled "systemically risky."

Chairman Mary Jo White and other top SEC officials have voiced skepticism of the idea, joining lawmakers from both political parties who suggest it is unnecessary. Their intervention has significantly bolstered efforts by the financial services industry to slow down the process by the Financial Stability Oversight Council to examine the issue.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.