3. Agrees with the FSB’s definition of the SB system as ‘a system of intermediaries, instruments, entities or financial contracts generating a combination of bank-like functions but outside the regulatory perimeter or under a regulatory regime which is either light or addresses issues other than systemic risks, and without guaranteed access to central bank liquidity facility or public sector credit guarantees’; points out that, co ...[+++]ntrary to what the term might suggest, shadow banking is not necessarily an unregulated or illegal part of the financial sector; underlines the challenge involved in implementing this definition in a monitoring, regulatory and supervisory context, also taking into account the sustained opacity of this system and the lack of data and understanding regarding it;

(9) Although, in principle, all credit institutions should be members of a Deposit Guarantee Scheme, it should be recognised that there are systems which protect the credit institution itself (Institutional Protection Schemes) and, in particular, ensure its liquidity and solvency.

encourage all higher education institutions active within their territory to introduce or develop rigorous internal quality assurance systems, in accordance with the standards and guidelines for quality assurance in the European Higher Education Area adopted in Bergen in the context of the Bologna Process.

A. encourage all higher education institutions active within their territory to introduce or develop rigorous internal quality assurance systems , in accordance with the standards and guidelines for quality assurance in the European Higher Education Area adopted in Bergen in the context of the Bologna Process,

The report calls for the establishment of common bases for an internal system of quality assurance and for external assessment on the basis of common guidelines and criteria.

In 2006, a joint European Parliament and Council recommendation called for the introduction of internal QA systems in line with standards and guidelines adopted in Bergen in the context of the Bologna Process, as well as for the creation of the European Register of Quality Assurance Agencies (EQAR).The recommendation called on Member States to enable their HE institutions to select a quality assurance or accreditation agency from the EQAR list that meets their needs and profile, provided that this is compatible with their national legislation or permitted by their national authorities.