Our supervisory model, however, does provide capacity for us to react to triggers and problems that emerge in individual funds as well as random spot-checks. We will also increasingly rely on the use of our thematic supervisory tool, namely examining a specific issue across a cross-section of institutions.
Shadow banking While individual funds may be low impact entities in our supervisory model, the funds industry is of course a high impact sector viewed collectively. This is not just a question of investor protection. Increasingly, the interest of the international regulatory community is directed at the level of systemic risk posed by particular parts of the funds industry, namely money market funds.