CLLS has commented on the Commission’s Green Paper on shadow banking. Its main point is that there must be a more specific and finite definition of shadow banking before proposals can proceed, or, at the very least, certain activities should be specifically excluded from scope (including insurance, asset management, investment, consumer credit, credit connected to goods and services, payment services and trade finance activities). The paper also notes that, in any action, there must be balance, international co-ordination and care in addressing third country issues. (Source: CLLS Comments on Shadow Banking)