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A Financial System That Creates Economic Opportunities Asset Management and Insurance U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities A Financial System That T OF EN TH M E T T R R A E A Financial System P A E S D U R E That Creates Economic Opportunities Y H T Asset Management and Insurance 1789 Asset Management and Insurance TREASURY OCTOBER 2017 2018-03031 (Rev. 1) • Department of the Treasury • Departmental Offices • www.treasury.gov 2018-03031 EO ASSET MGT COVER vSILVER.indd 1 11/2/17 12:27 PM T OF T OF EN TH EN TH M E M E T T T T R R R R A E A E P P A A E E S S D D U U R R E E Y Y H H T T 1789 1789 U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Asset Management and Insurance Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary T OF EN TH M E T T R R A E P A E S D U R E Y H T 1789 Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Jared Sawyer and Dan Dorman, and included contributions from Joseph Dickson, Rebekah Goshorn, Sharon Haeger, Alex Hart, Gerry Hughes, W. Moses Kim, Daniel McCarty, Bimal Patel, Bill Pelton, Frank Ragusa, Jessica Renier, Bruce Saul, Steven Seitz, Brian Smith, James Sonne, Mark Uyeda, and Darren Vieira. Table of Contents Executive Summary ...............................................1 Introduction 3 Scope of This Report 3 Review of the Process for This Report 4 Asset Management Industry in the United States 4 Insurance Industry in the United States 5 Summary of Issues and Recommendations 6 Asset Management ...............................................11 Introduction 13 The Regulatory Structure of the Asset Management Industry 18 Systemic Risk and Stress Testing 29 Efficient Regulation and Government Processes 32 International Engagement 55 Economic Growth and Informed Choices 64 Insurance.......................................................71 Introduction 73 The Regulatory Structure of the Insurance Industry 80 Systemic Risk and Solvency 97 Efficient Regulation and Government Processes 104 International Engagement 130 Economic Growth and Informed Choices 140 Appendices ....................................................145 Appendix A: Participants in the Executive Order Engagement Process 147 Appendix B: Regulatory and Legislative Recommendations 153 A Financial System That Creates Economic Opportunities • Asset Management and Insurance iii iv A Financial System That Creates Economic Opportunities • Asset Management and Insurance Acronyms and Abbreviations Acronyms and Abbreviations Term ’40 Act Investment Company Act of 1940 Advisers Act Investment Advisers Act of 1940 AUM Assets Under Management Banking Report June 2017 Report published by Treasury on Banks and Credit Unions BHC Bank Holding Company BICE Best Interest Contract Exemption CFPB Consumer Financial Protection Bureau CFTC Commodity Futures Trading Commission Code Internal Revenue Code Compact Interstate Insurance Product Regulation Compact CPO Commodity Pool Operator CTA Commodity Trading Advisor Dodd-Frank Dodd-Frank Wall Street Reform and Consumer Protection Act DOL U.S. Department of Labor ECP Exempt Commercial Purchasers ERISA Employee Retirement Income Security Act ETF Exchange Traded Fund EU European Union Exchange Act Securities Exchange Act of 1934 Executive Order Executive Order 13772 on Core Principles for Regulating the United States Financial System FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FEMA Federal Emergency Management Agency FIO Federal Insurance Office FINRA Financial Industry Regulatory Authority FRB Board of Governors of the Federal Reserve System FSB Financial Stability Board FSOC Financial Stability Oversight Council A Financial System That Creates Economic Opportunities • Asset Management and Insurance v G-20 Group of 20 GAAP Generally Accepted Accounting Principles GAO U.S. Government Accountability Office GDP Gross Domestic Product G-SIFI Global Systemically Important Financial Institution G-SIB Global Systemically Important Bank G-SII Global Systemically Important Insurer HHS U.S. Department of Health and Human Services HUD U.S. Department of Housing and Urban Development IAIS International Association of Insurance Supervisors IASB International Accounting Standards Board iCBCM Cross-Border Crisis Management Group for Insurers ICS Insurance Capital Standard IFRS International Financial Reporting Standards IIPRC Interstate Insurance Product Regulation Commission IOSCO International Organization of Securities Commissions IRA Individual Retirement Account or Individual Retirement Annuity IRS Internal Revenue Service ISLHC Insurance Savings and Loan Holding Company L&H Life and Health LTC Long-term Care McCarran-Ferguson The McCarran–Ferguson Act of 1945, 15 U.S.C. §§ 1011-1015 MMMF Money Market Mutual Fund NAIC National Association of Insurance Commissioners NARAB National Association of Registered Agents and Brokers NARAB II National Association of Registered Agents and Brokers Reform Act of 2015 NAV Net Asset Value NBNI G-SIFI Non-Bank, Non-Insurer Global Systemically Important Financial Institution NFA National Futures Association NIPR National Insurance Producer Registry vi A Financial System That Creates Economic Opportunities • Asset Management and Insurance NRRA Nonadmitted and Reinsurance Reform Act of 2010 OCC Office of the Comptroller of the Currency OLA Orderly Liquidation Authority OMB Office of Management and Budget ORSA Own Risk and Solvency Assessment P&C Property and Casualty PLMA Producer Licensing Model Act SEC U.S. Securities and Exchange Commission Securities Act Securities Act of 1933 Secretary U.S. Treasury Secretary Steven T. Mnuchin SR Letters Supervision and Regulation Letters SRO Self-regulatory Organization SSB Standard-setting Body Treasury U.S. Department of the Treasury TRIA Terrorism Risk Insurance Program Reauthorization Act of 2015 TRIP Terrorism Risk Insurance Program UDAAP Unfair, Deceptive and Abusive Acts and Practices U.S./EU Covered Agreement Bilateral Agreement Between the United States of America and the European Union On Prudential Measures Regarding Insurance and Reinsurance A Financial System That Creates Economic Opportunities • Asset Management and Insurance vii Executive Summary Executive Summary • Introduction Introduction President Donald J. Trump established the policy of his Administration to regulate the United States financial system in a manner consistent with a set of Core Principles. These principles were set forth in Executive Order 13772 on February 3, 2017. This report is prepared by the U.S. Department of Treasury (Treasury), under the direction of Secretary Steven T. Mnuchin, in response to the Executive Order. This report, as with the prior reports and the subsequent report described below, will identify any laws, treaties, regulations, guidance, reporting and record keep- ing requirements, and other government policies that promote or inhibit federal regulation of the U.S. financial system in a manner consistent with the Core Principles. The Core Principles are: A. Empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; B. Prevent taxpayer-funded bailouts; C. Foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses the systemic risk and market failures, such as moral hazard and information asymmetry; D. Enable American companies to be competitive with foreign firms in domestic and foreign markets; E. Advance American interests in international financial regulatory negotiations and meetings; F. Make regulation efficient, effective, and appropriately tailored; and G. Restore public accountability within federal financial regulatory agencies and rationalize the federal financial regulatory framework. Scope of This Report The financial system encompasses a wide variety of institutions and services and, accordingly, Treasury is delivering a series of four reports related to the Executive Order covering: • The depository system, covering banks, savings associations, and credit unions of all sizes, types and regulatory charters (the Banking Report,1 which was publicly released on June 12, 2017); 1. U.S. Department of the Treasury, A Financial System That Creates Economic Opportunities: Banks and Credit Unions (June 2017). A Financial System That Creates Economic Opportunities • Asset Management and Insurance 3 Executive Summary • Review of the Process for This Report • Capital markets: debt, equity, commodities and derivatives markets, central clearing and other operational functions (the Capital Markets Report,2 which was publicly released on October 6, 2017); • The asset management and insurance industries, and retail and institutional investment products and vehicles (this report); and • Nonbank financial institutions, financial technology, and financial innovation. On April 21, 2017, President Trump issued two Presidential Memoranda to the Secretary of the Treasury (Secretary). One calls for Treasury to review the Orderly Liquidation Authority (OLA) established in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The other calls for Treasury to review the process by which the Financial Stability Oversight Council (FSOC) determines that
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