EC shadow banking reforms to focus on entities

Author: Gemma Varriale | Published: 8 Mar 2012
With the EC’s consultation paper on regulating shadow banking due out next week, the market is waiting to see how European regulators will tackle the next major project on its agenda.

Edward Greene, senior counsel at Cleary Gottlieb Steen & Hamilton in New York and a former general counsel of the US Securities and Exchange Commission, said that a copy of the proposed EC consultation has been available in draft form, and that when issued in final form would likely focus on entities as opposed to activities.

Speaking at the PLI Institute on Securities Regulation in London yesterday, Greene said the Institute of International Finance is drafting a letter to be submitted to the Financial Stability Board in connection with its request for...