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The European Union and the Regulation of the Shadow Finance

Jean-François Pons * Associé, Alphalex Consult. Contact : jfpons@alphalex-consult.eu.


For the last past years following the financial crisis, the EU has displayed a huge legislative activity to regulate the banking sector but had left aside the shadow banking system, except for the AIMF5 regulating the alternative investment industry. Things recently changed with the publication of a Green Paper dedicated to this non regulated finance. This paper estimates its shape, its potential risks and provides insights regarding the way to handle it from a regulatory perspective. It will be used by the Commission as a starting point to act from the second semester of 2013.


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Footnotes

Délégué aux Affaires européennes et internationales, Fédération bancaire française (FBF).

1   CRD2, 17 novembre 2009.

2   CRD3, 14 décembre 2010.

3   EMIR, 16 août 2012.

4   AIFM, 1er juillet 2011.

5   Dont font partie l’UMP, les chrétiens-démocrates allemands…

6   Voir le site : http://ec.europa.eu/internal_market/investment/docs/20121219-directive/ia-resume_fr.pdf.

7   IFRS, 9 avril 2008.

8   Directive réformant l’accès aux activités de l’assurance et de la réassurance et leur exercice, 17 décembre 2009.


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