F. whereas in order to shine light on SB it is necessary for any regulation to fully address the issues of the resolvability, complexity and opacity of the financial activities pertaining to it, in particular in a crisis situation;

F. whereas in order to shine light on SB it is necessary for any regulation to fully address the issues of the resolvability, complexity and opacity of the financial activities pertaining to it, in particular in a crisis situation;

C. whereas a considerable proportion of shadow banking activity has one leg in the regulated banking sector, and that leg needs to be fully captured by the existing regulatory framework;

13. Believes that bank reporting requirements are a vital and valuable tool for identifying SB activity; reiterates that accounting rules should reflect reality and that ideally the balance sheet should reflect aggregates to the maximum extent possible;

D. whereas some elements that fall under the term SB are vital for financing the real economy, and due care should be taken when defining the scope of any new regulatory measure or extension of an existing one;

5. Where a payment institution provides any of the payment services listed in the Annex and, at the same time, is engaged in other business activities, the competent authorities may require the establishment of a separate entity for the payment services business, where the non-payment services activities of the payment institution impair or are likely to impair either the financial soundness of the payment institution or the ability of the competent authorities to monitor the payment institution's compliance with all obligations laid down by this Directive.