Though the Financial Stability Board’s March 4, 2015 consultation paper on Global SIFI designation is only a week old, it has already generated a chorus of criticism and condemnation from some of the asset management industry’s most powerful players. This second public consultation proposes revised methodologies for identifying non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs) based on comments received on the first consultative paper published in January 2014. The consultation proposes a general framework applicable to NBNI G-SIFIs, as well as a specific framework that would be applied based on the type of entity, including separate frameworks for asset managers and investment funds. Despite a multitude of comments on the January 2014 proposal, however, the identification methodology proposed is once again based on size, complexity, and systemic interconnectedness of particular entities, and assessments as to how those factors could cause significant disruption to the wider financial system and economic activity at the global level. This focus on size and complexity has prompted the some of the asset management industry’s most influential groups to issue statements decrying the FSB’s apparent failure to heed their advice. No doubt these scathing criticisms of the Global SIFI proposal will be reiterated, expanded, and elucidated further in each of the group’s forthcoming comment letters.