It represents the EU's participation in the wider debate on how to regulate "shadow banking", which was initiated by the G20 in Seoul in 2010 and which has been gaining traction recently, notably under the auspices of the Financial Stability Board (FSB), the body charged by the G20 with thought leadership on how to regulate shadow banking.

Clifford Chance responded to the Green Paper, and in this briefing, we take the opportunity to examine some of the issues raised, reflect on where the debate is heading and discuss the wider implications of regulating shadow banking.