Now, again you might say this is not new. Regulation and supervision have always followed the changing structure of finance. In the 1980s, regulators responded to the internationalisation of banking by forging an international agreement on minimum  2/4  BIS - Central bankers' speeches  capital requirements: the Basel Accords.
And in the 1990s, the rise of financial conglomerates was followed by regulations on consolidated solvency and the crosssectoral merging of financial supervisors. But at the same time, these examples immediately make clear what the scale of the current challenge is. Because this time change does not take place across one, but across multiple dimensions: national versus international, financial versus non-financial, entities versus activities.