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Speech By Jean-Pierre Jouyet, Autorité Des Marchés Financiers Chairman: High Level Conference: “Towards Better Regulation Of The Shadow Banking System”, Brussels, 27 April 2012

Date 27/04/2012

Dear Michel Barnier,

Dear Sir,

I am delighted to be here today, among my prestigious co- panellists, to try and shed some light into what is commonly referred as shadow banking. The composition of our panel couldn’t have been more relevant to this complex topic. First, we need academics like Professor Xavier Freixas to help us delineate  and  assess  the  importance  of  shadow  banking. Then, we need prudential regulators and financial stability experts because the big issue is to avoid systemic risk and circumvention  of  prudential  regulation,  all  matters  in  which Paul Tucker is one of the best Financial Stability Board's expert. Then, many entities that form the shadow banking system are best known and sometimes already regulated by securities market regulators, which I represent today. And last, turning specialists’ fuzzy ideas into sensible, effective and comprehensive regulation will be the task of European policy- makers, like the European Parliament of which Sven Giegold is  a  member.  As  you  see,  the  big  difficulty  with  shadow banking is that we need to bring many different specialistsaround the same table, to share their knowledge and draw together a comprehensive and holistic view of the shadow banking system. It is always difficult to deal with systemic issues that call for a wide variety of expertises. Fortunately, we now have some authoritative work at our disposal thanks to the FSB, which has put in highly skilled resources on this matter since the G20 added this issue to its agenda, and thanks  to  the  impressive  work  done  by  experts  like  LordTurner, whom you will hear later on, today.

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