A system-wide approach to macroprudential policy : ESRB response to the European Commission's consultation assessing the adequacy of macroprudential policies for non-bank financial intermediation

This document is the ESRB's response to the European Commission's targeted consultation assessing the adequacy of macroprudential policy for non-bank financial intermediation. Non-bank financial intermediaries (NBFI entities) comprise different types of entities that have diverse business models and that are subject to different regulatory frameworks. They include NBFI entities that act as agents on behalf of clients, such as asset managers, and those that hold assets on their own balance sheet, such as insurers. The ESRB has for many years provided advice to the EU co-legislators to help ensure that the regulatory framework for NBFI entities supplies EU and national authorities with the means to identify and address risks to financial stability wherever they arise in the financial system. This response to the European Commission's consultation builds on this advice.