Stakeholder consultations 244 Section E. Additional comments 5. If, in addition to the previously addressed points, there are any additional issues you feel should be considered during this study, please provide comment below. OPEN RESPONSE
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Document Outline
About London Economics
Acknowledgements
Glossary
Member State abbreviations
Executive summary
1 Introduction
1.1 Background
1.2 Definitions
1.3 Study objectives
1.4 Report structure
2 The size and evolution of the non-bank financial sector
2.1 Comparisons of the bank and non-bank financial sectors
2.1.1 Evolution of the size of the bank and non-bank financial sectors in the EU27 from 2000 to 2011
2.1.2 Leverage of the bank and non-bank financial sectors in the EU27
2.1.3 Connectedness of NBFIs with the banking sector
2.1.4 Variation in size of the OFI sector across the EU27
2.2 Developments in assets and liabilities of NBFIs
2.2.1 Total assets
2.2.2 Different asset classes
2.2.3 Analysis of derivatives
Assets
2.2.4 Analysis of loans
2.3 Key message
3 Sub-sectors of the non-bank financial system
3.1 Money market funds
3.2 Private equity firms
3.3 Hedge funds
3.4 Pension funds
3.5 Insurance undertakings
3.6 Central counterparties
4 Regulatory overview
4.1 Money market funds
4.1.1 UCITS I-V
UCITS V
4.2 Private equity funds
What is an Alternative Investment Fund Manager (‘AIFM’)?
Why do we need the AIFMD? What is the link with the financial crisis?
What are the objectives of the AIFMD?
When will the passport be made available to non-EU managers and funds?
4.3 Pension funds
4.3.1 Solvency II
4.3.2 IORP Directive of 2003
4.3.3 IORP Review
4.3.4 April 2011: Call for Advice by the Commission from EIOPA
4.4 Insurance undertakings
4.4.1 Introduction
4.4.2 Solvency I
4.4.3 Solvency II
4.4.4 Omnibus II
4.4.5 Other regulatory developments that may influence the asset choices of insurers
Third country equivalence
Financial Conglomerates
G-SIFIs
EMIR
AIFMD/UCITS
IFRS
Liabilities - dealing with customers
Insurance Mediation directive (IMD II)
Packaged retail Investment Products (PRIPS)
IORPS
Guarantee schemes
4.5 Central counterparties
4.6 Relevant extracts from EBA discussion paper2F of March 2012 on possible capital requirements for CCPs
5 Cross-cutting issues
5.1 Securitisation
5.1.1 Background
5.1.2 Risks
5.1.3 Trends in securitisation – AFME data
5.1.4 Trends in securitisation – ECB data
5.1.5 Conclusions
5.2 Repos
5.2.1 Background
5.2.2 Risks
5.2.3 Trends in European repos
5.3 Securities lending
5.3.1 Background
5.3.2 Risks
5.3.3 Recent trends
5.4 Fire sales
5.5 Redemption risk
5.6 Counterparty risk
5.7 Liquidity risk
5.8
6 Assessment of risks to financial stability of sub-sectors of the non-bank financial system
6.1 Analytical framework
6.1.1 Summary statement for analytical framework
7 Money market sector risks
7.1 Overview
7.2 Risk analytics
7.3 European money market developments around the financial crisis
7.3.1 Money market fund assets
7.3.2 Money market spreads
7.3.3 Significant events
7.3.4 Suspended redemptions
7.3.5 Sponsor support of MMFs
7.3.6 Reallocation to short-dated assets
7.3.7 Policy interventions
7.4 Conclusion
8 Private equity risks
8.1 Overview
8.2 Risk analytics
8.2.1 Private equity in general
Redemption risk
Fire sales
Liquidity risk
8.2.2 Private equity and the leveraged loan market
Warehouse risk
Liquidity risk and valuation
Refinancing risk
8.3 European private equity developments around the financial crisis