On 9 July 2025, the Financial Stability Board (FSB) published the following reports related to its work programme to enhance resilience in non-bank financial intermediation (NBFI):

  • Leverage in NBFI: Final report. This final report addresses financial stability risks created by NBFI leverage, focusing on risks that may arise: (i) in financial markets that are critical to the functioning of the financial system and the real economy; and (ii) through interlinkages between leveraged nonbanks and systemically important financial institutions that act as leverage providers. The final report contains a series of recommendations that are structured around the following: (i) risk identification and monitoring (ii) addressing NBFI leverage in core financial markets; (iii) counterparty credit risk management; (iv) addressing incongruencies in regulatory treatment; and (v) cross-border cooperation. The final report concludes with a set of general principles to help guide authorities in selecting, designing, and calibrating policy measures.
  • Enhancing the resilience of NBFI: Progress report. The progress report notes that the FSB’s focus is now on: (i) ongoing monitoring and in-depth assessment of specific vulnerabilities in NBFI; (ii) further work to address data challenges; (iii) information sharing and supervisory discussions on authorities’ policy approaches to enhance NBFI resilience; and (iv) monitoring implementation of the agreed policies and evaluating their effects.
  • FSB workplan to address non-bank data challenges. Given the importance of on-going data challenges the FSB has set up a small, high-level task force – the Non-bank Data Task Force which has three objectives: (i) improve the ability of FSB member authorities to identify and assess vulnerabilities stemming from non-bank sectors; (ii) improve the ability of authorities to assess and calibrate policies that could be used to mitigate financial stability vulnerabilities that stem from non-bank sectors; and (iii) explore whether and how authorities could share information (including data) when such sharing could be used to mitigate significant threats to financial stability.