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Alternative Market Briefing

European Commission, IMF officials weigh in on shadow banking

Monday, September 16, 2013

Bailey McCann, Opalesque New York:

International bodies are weighing in on shadow banking. Last week, the European Commission released its roadmap for how it plans to handle risk from shadow banking activities and today, an IMF official in China said that shadow banking in China will not cause a collapse of that economy despite risks. Both moves may bolster the alternatives industry as more and more firms enter the speciality finance space.

The European Commission has plans to reform how it monitors shadow banking activities. The roadmap is far-reaching and detailed in terms of how it sees the space and what it plans to do. The plan takes a fivefold approach to regulating shadow banking, making for a process that will be lengthy and heavily lobbied. The Commission has valued the global shadow banking industry in 2010 at €51 trillion, and says that its goal in regulation is to build investor trust and confidence.

The five point plan came a week after the Financial Stability Board issued its Final Policy Recommendations and reaffirms many of those definitions and guidelines. However, shortly after the plan was introduced several EU member states including Germany expressed dissatisfaction with the plan saying the proposed regulations didn't go far enough. Presumably, only when all liquidity is gone from the markets will participants be sufficiently supervised.

Law firm Clifford Chance ......................

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