On March 25, 2015 the IIF submitted a response letter to the "Notice Seeking Comment on Asset Management Products and Activities" by the Financial Stability Oversight Council (FSOC). The IIF has consistently argued that policy in the area of regulation of systemic risk in asset management should focus primarily on the underlying activities. Thus, the IIF supports the FSOC's inquiry' in general. However, the IIF suggests to expand the scope of the inquiry to include all capital markets participants that might offer a given product or engage in an activity and underscore the need to base any policy in actual, demonstrable data and evidence. The response letter had been produced under the guidance of the IIF's "Non-Bank Non-Insurer Working Group".