Summary  The general public may hardly have noticed, but those responsible for regulation have long since become active. For instance, parts of the shadow banking system have been subject to regulation for some time. Elsewhere, regulation has been improved since the onset of the crisis. One example is the introduction at EU level of the 5% retention rule for securitisations.
However, it is also already evident that merely illuminating specific areas of the shadow banking system and a one-off regulation drive will not suffice. After all, it is impossible at the current juncture to foresee all financial innovations and evasion strategies which may occur in the future, for instance in response to Basel III. Further adjustments will therefore be necessary.