Basel and other regulators seem to regard credit risk as being under control and have identified reputational and IT risks – risk you cannot close off with prudential capital charges – as the sources of the next crisis. Another one being talked about is potential illiquidity for funds, which are buying more illiquid assets in the hunt for yield. Insurers would say Solvency II‘s capital charges for non-STS and non-senior STS holdings encourage them to buy the underlying assets. 10 years ago some commercial property funds had to invoke powers to suspend redemptions and lock investors in. If a funds has a liquidity line to cover normal redemption flows, it may not be sized to cover major illiquidity problems.