Abstract
The Global Financial Crisis (GFC) revealed many flaws in the regulation of the global financial system and led to an impressive amount of national and international legislation, aimed at improving the stability of the financial system.
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Notes
- 1.
For more, see: Commission, Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC, SEC (2009) 576, 2f.
- 2.
Ibid.
- 3.
FSB, “Global Shadow Banking Monitoring Report 2015,” 1ff. Another definition is provided by the IMF: shadow banking is the “financing of banks and nonbanks financial institutions through noncore liabilities, regardless of the entity that carries it out. For more see: IMF, “Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking,” October 2014, 68ff.
- 4.
For more about AIFs and their definition, see: Zetsche, Dirk, “The Alternative Investment Fund Managers Directive,” Wolter Kluwer, 2012, 40ff; Chambers, R. Donald, Anson, J.P. Mark, Black, H. Keith, Kazemi, Hossein, “Alternative Investments,” Third Edition, Wiley, 2015, 381ff; Smith, C. Roy, Walter, Ingo, DeLong, Gayle, “Global Banking,” Third Edition, Oxford, 2012, 23ff.
- 5.
Alexandros Seretakis, “Regulating Hedge Funds in the EU? The Case Against the AIFM Directive,” https://ssrn.com/abstract=2447144 (accessed February 2017), 3.
- 6.
ECB, “Bank Bias in Europe: Effects on Systemic Risk and Growth,” No 1797, May 2015, 23.
- 7.
ESMA (2015a), “ESMA Strategic Orientation 2016–2020,” ESMA/2015/935, 2015, 4–5.
- 8.
J.C. Juncker, “A New Start for Europe: My Agenda for Jobs, Growth, Fairness and Democratic Change,” Political Guidelines for the next European Commission (22 October 2014), 7.
- 9.
FSB, “Global Monitoring Report on Non-Bank Financial Intermediation 2021,” n.d., 7ff.; ESRB, EU Non-Bank Financial Intermediation Risk Monitor 2021 (LU: Publications Office, 2021), 36ff., https://data.europa.eu/doi/10.2849/85397.
- 10.
ECB, supra note 6, 2.
- 11.
CRR and CRD introduced capital requirements, Single Supervisory Mechanism (SSM regulation), Bank recovery and resolution directive (BRRD), and Single Resolution Mechanism (SRM). For more, see: ECB, supra note 6, 23f.
- 12.
ECB, “ECB Publishes Consolidated Banking Data for End-September 2016,” https://www.nbb.be/doc/cp/eng/2017/pressrelease170214.pdf (accessed March 2017); ECB, “Towards a Framework for Calibrating Macroprudential Leverage Limits for Alternative Investment Funds,” Financial Stability Review, November 2016, 123.
- 13.
World Bank Group, supra note 9, 10; ESMA, Opinion: Key principles for a European framework on loan origination by funds, April 2016, 1ff.
- 14.
FSB, “Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities,” January 2017, http://www.fsb.org/2017/01/fsb-publishes-policy-recommendations-to-address-structural-vulnerabilities-from-asset-management-activities/ (accessed February 2017), 7.
- 15.
Ibid.; FSB and IOSCO, “Consultative Document (2nd): Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions,” March 2015, http://www.fsb.org/wp-content/uploads/2nd-Con-Doc-on-NBNI-G-SIFI-methodologies.pdf (accessed January 2017).
- 16.
ESMA, supra note 7, 7.
- 17.
ESRB, “EU Shadow Banking Monitor,” No 1/July 2016, 4.
- 18.
Ibid.
- 19.
EU Commission, “Green Paper Shadow Banking” COM (2012) 102, 5.
- 20.
ESRB, “EU Non-Bank Financial Intermediation Risk Monitor 2019,” No. 4, July 2019, 10ff.
- 21.
EU Commission, supra note 19, 5.
- 22.
ESRB, supra note 18, 4.
- 23.
European Commission, “Consultation on a Possible Recovery and Resolution Framework for Financial Institutions Other Than Banks” http://ec.europa.eu/finance/consultations/2012/nonbanks/docs/consultation-document_en.pdf (accessed February 2017); European Commission, “Framework for Resolution of Financial Institutions Other Than Banks,” http://ec.europa.eu/smart-regulation/impact/planned_ia/docs/2015_fisma_029_cwp_ccp_resolution_of_non_bank_resolution_en.pdf (accessed February 2017); FSB, “Key Attributes of Effective Resolution Regimes for Financial Institutions,” http://www.fsb.org/2014/10/key-attributes-of-effective-resolution-regimes-for-financial-institutions-2/?page_moved=1 (accessed February 2017).
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Peridis, P. (2022). Introduction. In: Alternative Lending. EBI Studies in Banking and Capital Markets Law. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-13471-5_1
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