The European Systemic Risk Board has published a strategy paper on macro-prudential policy for the non-banking sector. The ESRB is concerned that, while macro-prudential policy for the banking sector is already operational, the policy strategy, data and instruments to address risks beyond the banking sector are underdeveloped. The ESRB intends to develop a strategy for macro-prudential policy beyond banking, targeting risk across the whole financial system with a consistent set of instruments. The ESRB sets out a number of measures to be taken in the short to medium term as part of its work to develop this strategy, including analysing data under the AIFMD and EMIR and the use of stress tests for asset managers and funds and financial market infrastructures (FMIs) including CCPs, insurers and pension funds.