The $60 trillion "shadow banking" sector has been given until 2015 to comply fully with its first set of global rules after an international regulatory task force unveiled plans to curb risk without strangling economic recovery. Leaders of the group of 20 economies (G20) meet in Russia next week to endorse the rules written by their Financial Stability Board (FSB), setting out requirements for the sector and how it must be supervised. Checks on compliance will start in two years' time. Shadow banking takes in a variety of financial intermediaries and remains a source of systemic risk for taxpayers after the 2007-09 financial crisis revealed "fault lines" that resulted in mainstream lenders needing public bailouts. The reforms include supervisors collecting detailed data on the different parts of the sector to identify the broader risks. National regulators must also be equipped with a set of tools to allow measures such as the imposition of capital and liquidity requirements or temporary
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