2.3  … and others again seem to be really hard to accomplish  When speaking about the regulatory reform, we have to bear one important thing in mind: all the reforms I just mentioned only reach the regulated banking sector.
And tightening regulation for banks might set off a trend to shift activities out of the regulated banking sector into the unregulated shadow banking sector. This development is something regulators have to watch closely. Without any doubt, shadow banks can become a source of systemic risk, especially when they are highly interconnected with the regular banking system.