IOSCO has released a consultation paper which seeks public comment on policy issues arising from the work of its Task Force on Unregulated Markets and Products (TFUMP). The Consultation Paper is in response to a request from the Financial Stability Board (FSB) as part of its work to strengthen oversight and regulation of the shadow banking system. The FSB asked IOSCO, in coordination with the Basel Committee on Banking Supervision, to conduct a stock-taking exercise on the requirements for risk retention and measures enhancing transparency and standardization of securitization products, and to develop policy recommendations as necessary. The FSB's request followed earlier IOSCO and Joint Forum work aimed at regulatory initiatives to support recovery of securitization markets. The Consultation Paper is based on a survey of member jurisdictions and builds on earlier work undertaken by staff of the US Securities Exchange Commission and the European Commission on developments in the US and the EU. The Paper provides background to IOSCO’s work ; Provides a snapshot of global securitization activity; makes observations about regulatory approaches in jurisdictions covered by the work and outlines and assesses the extent of differences; and makes policy recommendations addressing differences in approaches to risk retention; improvements in transparency; and measures to standardize disclosure.