Blackrock, Fidelity Being Examined By FSOC

BlackRock, Inc. (NYSE:BLK) and Fidelity National Financial Inc (NYSE:FNF) are among the first asset managers to be examined by the Financial Stability Oversight Council (FSOC) to determine whether they are systemically important financial institutions (SIFI). The process is still in the early stages and there is no particular rush to come to a final determination, but asset managers argue that they don’t represent any threat to the general economy and that the additional rules that come with being designated a SIFI could harm competitiveness, reports Ian Katz and Jesse Hamilton for Bloomberg.