Public Comment Period
Public Comment Period open
End Date: June 15, 2021
The project will evaluate the Systemic Risk Management topic in the Asset Management & Custody Activities industry standard, including potential improvements to the scope of the topic and the associated accounting metrics.
Two out of four accounting metrics under the Systemic Risk Management topic in the Asset Management & Custody Activities industry standard may no longer satisfy three of the criteria for metric selection as specified in the SASB Conceptual Framework: fair representation, usefulness, and alignment. Additionally, changing product trends within the industry that are not currently captured by the standard may contribute to, or result in, exposure to systemic risk. Therefore, the current content of the standard is not adequately measuring performance on the topic and does not provide decision-useful information to investors. For more project background, please read our call for feedback.
- Phase 1 - Initial Research
- Phase 2 - Stakeholder Consultation
- Phase 3 - Post-Consultation Analysis
- Phase 4 - Exposure Draft Development
- Phase 5 - Public Comment Period
- Phase 6 - Public Comment Analysis
- Phase 7 - Completed
Proposed changes to the SASB Asset Management & Custody Activities Standard along with the Invitation to comment on Exposure Draft and Basis for Conclusions public comment period is in progress and will conclude on June 15, 2021. If you wish to provide comments, please submit them here.
SASB’s Standards Board will consider all public comments submitted and conduct deliberations based on the comments received. At that time, the Standards Board may pursue further revisions of the relevant industry standard or may approve the exposure draft as is. Upon the approval of the proposed changes by the Standards Board, the approved version will supersede the 2018 version of the Asset Management & Custody Activities standard.
Published Documents & Supplemental Materials
Comment letters are received as part of the public comment period between March 16, 2021 and June 15, 2021. Comment letters are posted in the order of receipt. Please note that it can take up to two weeks for comment letters to be posted.
Board Materials & Decisions
Board Meeting Outcomes
- The Board unanimously agreed to add a project on Systemic Risk in Asset Management to its standard setting agenda.
- The Board made a preliminary decision to remove accounting metric FN-AC-550a.1 from the Asset Management & Custody Activities Standard, which calls for a breakdown of open-end fund assets by liquidity category.
For a full list of past and upcoming Standards Board meetings, as well as associated materials, please visit our Board Meetings Calendar & Archive.
The staff has prepared this summary for informational purposes only. Any Standards Board decisions are tentative and do not change current accounting. Official positions of SASB are determined only after extensive due process and deliberations.