On November 18th, the Financial Stability Board published for comment an initial integrated set of policy recommendations on the regulation of the shadow banking system. The recommendations focus on five areas: (1) mitigating the spill-over effect between the regular banking system and the shadow banking system; (2) reducing the susceptibility of money market funds to runs; (3) assessing and mitigating systemic risks posed by other shadow banking entities; (4) assessing and aligning the incentives associated with securitization; and (5) reducing risks and pro-cyclical incentives associated with secured financing contracts such as repos, and securities lending that may exacerbate funding strains in times of financial stress. Comments should be submitted on or before January 14, 2013. FSB Press Release (with links to associated documents)