However, while in Europe it is already known that the new rules, once agreed, will be included in a Community Directive with immediate application in all Member States, it is unclear what the degree of implementation in other countries, particularly the US, will be. In the light of what happened with Basel II, the risk of only partial application is a concern.
Another source of concern is the “shadow” financial system not previously subject to regulation. The G20 summit a year ago in London indicated the general commitment not to  38  BIS Review 82/2010  leave significant parts of the financial sector, such as investment banks, hedge funds, private equity funds and so forth, outside the regulatory perimeter.