The IIF commends the FSB for focusing their analysis and their policy recommendations on certain activities. However, any such regulation should not be limited to a certain industry in a narrow sense but include all capital markets participants that might offer a given product or engage in a given activity. The IIF strongly believes that in the context of the asset management sector the only relevant transmission channel for potential global systemic risk is the exposure (counterparty) channel via leverage in investment funds. This is where attention should be focused.