The FSB is focusing on the identification of the key elements of effective resolution regimes, which will identify the essential features that national resolution regimes for financial institutions, including non-bank financial institutions, should have. Let me mention that the EU is actively participating in the ongoing work and is also taking these global initiatives into account in the design of the European framework.
Third, another important area where work needs to progress relates to the so-called “shadow banking system”. The financial crisis evidenced that systemically important pockets developed in the financial system without any regulatory oversight. A better understanding of the interconnections between regulated and unregulated entities is needed.