Global regulators moved to rein in risk at global money managers such as BlackRock Inc. and Vanguard Group Inc., calling for new protections against potential fund losses that could roil the broader financial system.
The Financial Stability Board, whose members include the U.S. Federal Reserve and the Bank of England, recommended Jan. 12 that regulators bolster oversight of exchange-traded, mutual and other funds to ensure they can withstand market stress. The policy guidelines, the upshot of years of debate, stopped short of earlier proposals for imposing stiff oversight of asset-management companies and stress tests of the $77 trillion industry.
“The ...
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