In September 2015, the Financial Stability Board (FSB), an international organization with a mandate to promote global financial stability, identified five areas in the asset management industry that pose risks to financial stability: mutual fund liquidity mismatches; fund leverage; operational risks; securities lending; and potential vulnerabilities of sovereign wealth funds and pensions. The FSB’s concerns are similar to those raised earlier this year by the Financial Stability Oversight Council. See “FSOC Report Focuses on Liquidity, Leverage and Other Risks Facing Hedge Fund and Asset Managers” (Apr. 28, 2016). The FSB stated that these risks should be addressed statutorily and recently issued a consultative document (Consultative Document) focusing on the first four of those potential risks, offering policy recommendations and soliciting comments on them. After considering responses to the Consultative Document, the FSB plans to issue final policy recommendations by the end of 2016, some of which could be implemented by FSB working groups and various regulatory authorities. This article summarizes the key takeaways from the Consultative Document.