The EC yesterday published a consultation paper that is the
first step in its plans for regulating the shadow banking
sector. The paper marks the start of a long-awaited process
targeted at an industry worth an estimated €46 trillion
But a big concern for many lawyers is the workability of any
efforts to ensure international consistency in the treatment of
"These are very mobile people and very mobile businesses,"
said Benedict James of Linklaters in London. "All you need for
some businesses is a floor and a couple...