At the Cannes Summit in November 2011, the G20 Leaders agreed to strengthen the oversight and regulation of the shadow banking system, and endorsed the initial recommendations of the FSB and its work plan to further develop policy recommendations during 2012. At the Los Cabos Summit in June 2012, the G20 Leaders reiterated their support for the shadow banking work and asked the FSB to submit its recommendations for review at the G20 Finance Ministers and Central Bank Governors meeting in November 2012. This note contains an integrated view of the FSB's recommendations for strengthened oversight and regulation of shadow banking. The analyses and data underpinning these recommendations are set out more fully in separate underlying reports some of which are issued for public consultation alongside this note. The rest of this note sets out recommendations for strengthening the oversight and regulation of the shadow banking system, as well as the next steps in taking the work forward.

The FSB welcomes comments on this document. Comments should be submitted by 14 January 2013 by email to [email protected] or post (Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland).