But intermediaries such as many conventional mutual funds do not pose bank-like risks, since they generally are not leveraged. So, if further analysis supports the conclusion that redemption risks are real, the optimal regulatory response would surely not be one that treats all asset managers as quasibanks that need to have capital and similar bank regulatory constraints.
I am convinced that the mutual contacts and exchange of ideas during this Forum will contribute to this process. BIS Review 90/2001  3