In December, the European Commission ("E.C.") summarized the comments submitted in response to its green paper on shadow banking. Among other things, the E.C. noted that, as in the U.S., some stakeholders believe that money market funds and exchange traded funds should not be subject to further regulation. Addressing securities lending and repurchase agreements, the E.C. noted that respondents support a holistic regulation addressing directly the issue of increased leverage but expressed concerns regarding haircut requirements due to the potential risk of increased pro-cyclicality. During the first quarter of 2013, the E.C. plans to provide further details regarding areas for which legal proposals might be developed, and their respective timing.