The Financial Stability Board ("FSB") has published a report setting out the FSB’s recommendations on a number of issues concerning shadow banking that were requested by the G-20 leaders at the November 2010 Seoul Summit. The Report’s recommendations set out high level principles for regulators and a stylised monitoring process. This process calls on regulators to first assess the broad scale and trends of non-bank credit intermediation in the financial system, drawing on information sources and complemented with other information such as supervisory data. Using this assessment the FSB believes that regulators should narrow down their regulatory focus to those types of non-bank credit intermediation that have the potential to pose systemic risks, by focusing in particular on those involving the following key risk factors: (i) maturity transformation; (ii) liquidity transformation; (iii) imperfect credit risk transfer; and/or (iv) leverage. The FSB then calls on regulators to assess in detail the potential impact that the severe distress or failure of certain shadow banking entities/activities would pose to the overall financial system through looking at other factors, such as the inter-connectedness between the shadow banking system and the regular banking system.