One of two global bodies that had been planning to designate asset management entities as systemically important is pressing pause on that work, in a move that could herald a potential reprieve for the industry, which has been lobbying hard.

The International Organization of Securities Commissions announced at its annual conference in London on Wednesday that it would instead now focus on reviewing products and activities in the asset management sector to determine if those pose systemic risks, before proceeding with work on devising ways to label specific firms or funds.