Shadow banking has become a well-known term that refers to the system of credit intermediation involving entities and activities outside the regular banking system. Taking lessons learned from the 2008 financial crisis, international regulators and policymakers have since concerned themselves with potential sources of risk in the global financial system beyond the banking sector. Over the past few years, regulators have focused on the size and systemic risk posed by non-bank players and shadow banking's links with the rest of the financial sector.
At both EU and international level, work continues to assess the role non-bank sources of funding can – and should – play, as well as which rules, including those of a macroprudential nature, should apply to those active in the field. From the perspective of the private equity industry, the regulators’ efforts to assess the risks posed by non-bank leverage have been most relevant, in particular through the International Organization of Securities Commissions' (IOSCO) work on developing a consistent global assessment of leverage. These developments are expected to affect the review of AIFMD.
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