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Shadow Banking: Strengthening Oversight and Regulation

Policymaking to deal with the global financial crisis and ensuing global recession has now moved from containing the contagion to specific actions aimed at promoting recovery and changing regulations to prevent a reoccurrence of the problem. Other issues, such as health care and the war in Afghanistan, also are competing for attention. Some have expressed concern that the improving economic and financial outlook may cause regulatory reform of the financial system to lose some traction in the crowded policy agenda. This report provides an overview of the global aspects of the financial crisis, how it developed, proposals for regulatory change,. | FSB FINANCIAL STABILITY BOARD Shadow Banking Strengthening Oversight and Regulation Recommendations of the Financial Stability Board 27 October 2011 Table of Contents Introduction.1 1. Overall approach to strengthening the oversight and regulation of the shadow banking system.3 2. Proposed approaches for monitoring the shadow banking system.6 2.1 High-level principles for monitoring the shadow banking system.6 2.2 Proposed approaches for monitoring the shadow banking system.6 2.3 Enhancing the broad scanning and macro-mapping Step 1 .7 2.3.1 Macro-mapping the shadow banking system.7 2.3.2 Enhancing the macro-mapping.9 2.4 Identifying the shadow banking system with systemic risks and regulatory arbitrage concerns Step 2 .10 2.4.1 Focusing on key systemic risk factors.10 2.4.2 Focusing on regulatory arbitrage.12 2.5 Detailed assessment of systemic risk and regulatory arbitrage concerns Step 3 .13 2.6 Examples of applying the proposed framework.14 3. Proposed regulatory measures to address concerns related to the shadow banking system.15 3.1 General principles for regulatory measures related to shadow banking.15 3.2 Regulatory measures to be examined by authorities.15 i The regulation of banks interactions with shadow banking entities indirect regulation . 16 ii The regulatory reform of money market funds MMFs .20 iii The regulation of other shadow banking entities.21 iv The regulation of securitisation.21 v The regulation of securities lending repos.22 vi Other recommendations on which implementation of existing initiatives will be monitored.24 i Annex 1 Results of the Summer 2011 Data Exercise.27 Annex 2 The Step 1 Template for the Annual Monitoring Exercise.35 Annex 3 Monitoring Case Studies.36 1. Real estate investment funds in Italy.36 2. Hedge funds in the UK.39 .