FSB aims for better oversight of the "shadow banking" system

10/5/2010 | Reuters

The Financial Stability Board, a global regulatory entity charged with developing ways to prevent another financial crisis, said one of its top priorities is to improve supervision of the "shadow banking" system. FSB chief Mario Draghi said the system, particularly credit provision, contributed to the global meltdown. The regulated banking system faces tougher rules and increased oversight, prompting concern that more credit activity will shift to the shadow system.

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