BlackRock (NYSE: BLK), the largest exchange traded fund provider, on Wednesday called for uniform regulation of ETFs as well as enhanced disclosure and transparency.

The investment manager, which oversees the iShares ETFs, said securities regulations may need to further adapt to rapid changes in the marketplace.

“At the same time, some financial institutions have launched a variety of new products that trade on exchanges which are also referred to as ‘ETFs.’ However, some of these new products may provide less transparency than traditional ETFs that hold physical securities and may inadvertently introduce additional risk for the investor arising from the management, construction and performance characteristics of these products,” according to a BlackRock paper sent to reporters on Wednesday.

“With the proliferation of these new products, critics have questioned whether existing regulations ensure that investors fully understand what they are buying and fully appreciate the risks and costs,” the ETF provider said. “The industry has much work to do to address such criticisms, including the development of new regulations regarding transparency.”

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