(Bloomberg) — Global regulators sought to rein in risk at money managers such as BlackRock and Vanguard Group, calling for new protections against potential fund losses that could roil the broader financial system.

The Financial Stability Board, whose members include the U.S. Federal Reserve and the Bank of England, recommended that regulators bolster oversight of exchange-traded, mutual and other funds to ensure they can withstand market stress. The policy guidelines, the upshot of years of debate, stopped short of earlier proposals for imposing stiff oversight of asset-management companies and stress tests across the $77 trillion industry.

"The policy recommendations published today will enhance the resilience of asset management activities so that this form of market-based finance can help underpin strong, sustainable and balanced economic growth," Mark Carney, governor of the Bank of England and FSB chairman, said in a statement. Daniel Tarullo, a governor of the Federal Reserve, said that the policies "will better prepare asset managers and funds for future stress events."