To ensure a level playing field with the banking sector, intensified monitoring and regulation of shadow banking activities is warranted. The FSB set out recommendations for effective monitoring which are now to be implemented by national authorities. Additionally, monitoring exercises to assess global trends and risks in the shadow banking system are conducted annually.
Meanwhile, work at the international level is ongoing to examine potential gaps and inconsistencies of the current framework and to develop proposals on further regulatory measures on different parts of the shadow banking system, including money market funds, securitisations and repos. d.  OTC derivatives markets  The last priority area I am addressing is reforms in Over-the-Counter (OTC) derivatives markets.