First, they were called “shadow banks”, then they were “non-banks”, neither of which provides much insight into what they are. Who are these amorphous NBFIs and why are regulators so concerned about their potential impact on global financial stability?

To define the indefinable AIMA’s Jiří Król is joined by Karl Wachter, General Counsel at Magnetar Capital and AIMA’s chair, and Martin Moloney, Secretary General of IOSCO to unpick the muddled debate over whether an investment fund can be a bank and how it should be treated by regulators if it does bank-like things.

Among the many areas discussed are private funds’ risk management processes, use of leverage, and liquidity challenges.

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