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Resilience of the Non-bank financial intermediation (NBFI)
Since the global financial crisis an important number of regulatory actions have been taken to ensure the core of the financial system is much more resilient than before, with strengthened bank capital and liquidity. The growth of the non-bank financial intermediation (NBFI) has important added value for the diversity of funding, but it also underscores the importance of work being taken forward by standard-setting bodies at international and European level to better understand the associated maturity and liquidity transformation risks, and concentrations in holdings of risky assets. . In the area of asset management, the existing EU regulatory framework provides a comprehensive and robust prudential regime taking into account the specificities of its business model. At the international level FSB together with IOSCO regulators are focused on implementing FSB’s recommendations to address structural vulnerabilities arising from asset management activities. Any forward looking regulatory actions will need to be targeted, risk-based and take duly into account the different risk profile between the different NBFI entities and activities.