Moreover, it is important to bear in mind that the introduction of more stringent capital requirements for credit institutions may provide further incentives to shift activities outside the regulatory perimeter. For this reason, the regulatory reform should not only focus on regulated banks.
It should instead be based on a comprehensive system that extends in a proportional way to all actors, intermediaries, markets and activities that embed potential systemic risk.2 In this area the identification of data gaps and putting in place an effective monitoring framework as well as reinforce the accounting rules on consolidation internationally are key. 2.