Lessons of the crisis – the changing regulation of the European shadow banking system
Keywords:shadow banking, regulation, European Union, Basel III, AIFM directive
This paper intends to present the changing regulation of the European shadow banking system by discussing the major European Union directives which have been created with the aim of treating the macro and microprudential risks that resulted from the international financial crisis between 2007 and 2009. Notably, 2009/111/EC (Basel III), 2011/61/EC (AIFM directive), 575/2013/EU as well as 648/2012/EU directives are examined in a way that on the basis of secondary sources, the paper aims to provide theoretical statements. This article also analyses the Hungarian regulation with the purpose of proving that it is basically the implementation of the directives mentioned above.