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1、FinancialStabilityInstituteFSIInsightsonpolicyimplementationNo56Safeguardingthefinancialsystemssparetyre:regulatingnon-bankretaillendersinthedigitaleraByJohannesEhrentraud,SegoleneMure,ElisabethNobleandRaihanZamilMarch2024JE1.classification:G18,G21fG23,G28,1.41,1.51Keywords:NBF1.non-banks,non-bankle
2、nders,nonbankmortgagelenders,retaillending,retaillenders,fintechslfintechcredit,bigtechs,bigtechcredit,privatecredit,consolidatedsupervision,conglomeratesupervisionBANKFORINTERNATIONA1.SETT1.EMENTSFSIInsightsarewrittenbymembersoftheFinancialStabilityInstitute(FSI)oftheBankforInternationalSettlements
3、(BIS),oftenincollaborationwithstafffromsupervisoryagenciesandcentralbanks.Thepapersaimtocontributetointernationaldiscussionsonarangeofcontemporaryregulatoryandsupervisorypolicyissuesandimplementationchallengesfacedbyfinancialsectorauthorities.Theviewsexpressedinthemaresolelythoseoftheauthorsanddonot
4、necessarilyreflectthoseoftheBISortheBasel-basedcommittees,oroftheemployersofcontributingauthors.AuthorisedbytheChairoftheFS1.FernandoRestoy.ThispublicationisavailableontheBISwebsite(www.bis.org).TocontacttheBISGlobalMediaandPublicRelationsteam,pleaseemailiabis.org.Youcansignupforemailalertsatwww.bis
5、.org/emailalerts.htm.BankforInternationalSettlements2024.AUrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN2522-249X(online)ISBN978-92-9259-741-2(online)ContentsExecutivesummary1Section 1 -Introduction3Section 2 -Overview:non-banklending5BroadcategorisationofNBFI
6、sandscopeofcoverage5OpportunitiesandrisksposedbyNBFIretaillenders10Section 3 -Regulatoryperimeterandlicensing12Section 4 -Regulationandsupervisionofnon-banklending17Regulatoryrequirementswithdifferentiatedapplication17Prudentialrequirements17Operationalresilienceandcybersecurityrequirements21Require
7、mentsfordigitallending21Regulatoryrequirementswithuniformapplication23Governanceanddataprotection23Conductofbusiness24AM1./CFT24Oversightandinstitutionalarrangements25Section 5 -Policyimplications29Overview29MicroprudentialoversightofNBFIretaillenders30Broad-basedpolicymeasures30Targetedpolicymeasur
8、es31Group-widesupervisionframeworks33Institutionalarrangements34Section 6 -Concludingremarks34References36Annex 1: JurisdictionsthatrespondedtotheFSIsurvey41Annex 2: 1.egaldefinitionofabankinsurveyedjurisdictions42Safeguardingthefinancialsystemssparetyre:regulatingnonbankretaillendersinthedigitalera
9、JohannesEhrentraud(johannes.ehrentraudbis.org)andRaihanZamil(Raihan.Zamilbis.org),BankforInternationalSettlements;SegoleneMure(Segolene.Murebanque-france.fr),BankofFrance;andElisabethNoble(Elisabeth.Nobleeba.europa.eu),EuropeanBankingAuthority.WearegratefultoRodrigoCoelho,CamilleGracianiand1.indsey1
10、.eposkefortheirhelpfulcomments.TheodoraMapfumoprovidedvaluableadministrativesupport.ExecutivesummaryNon-bankfinancialintermediaries(NBFIs)comprisearangeofentitieswithvariousbusinessmodelsthatplayacriticalroleinthefinancialsystem.TheuniverseofNBFIsincludesallfinancialintermediariesthatarenotbanks.The
11、yencompassfirmsthataresubjecttotraditionalfinancialsectorregulation,suchasinsurersandsecuritiesfirms,aswellasnon-banklendersthatmaybesubjecttoapatchworkofregulatoryrules.AccordingtotheFinancialStabilityBoard(FSB),NBFIsheld47.2%oftotalglobalfinancialassetsatyear-end2022(FSB(2023).ThoseNBFIsthatprovid
12、eprivatecredittohouseholdsandsmallandmedium-sizedenterprises(SMEs)meritspecialpolicyattention,astheycomplementandsometimescompetewithbanksinlendingtotherealeconomy.WerefertosuchentitiesasNBFIretaillenders11.Thissubsectorincludestraditionalnon-banklenders,suchasfinancecompaniesandmortgagelenders,aswe
13、llasnewerentrants,suchasfintechandbigtechlenders.NBFIretaillendersposebothopportunitiesandrisks.Theycanprovidefinancialservicestounderservedandunservedmarketsegments,helpingtoexpandfinancialinclusionandimproveconsumeroutcomes.Theyalsoprovideavitalalternativetobankfinancing,thusdiversifyingthesupplyo
14、fretailcredit.However,someNBFIretaillenderscanacceptpublicdepositsand/orotherformsofretailfunding,blurringthebank/non-bankdivide.NBFIretaillendersthatrelyoninstitutionalfundingareparticularlyexposedtomaturitytransformationrisksandmayhavegreatinterconnectednesswiththebankingsector.Inaddition,thescale
15、ofNBFIretaillenders,activitiesissignificantinsomejurisdictions,whichmaycontributetothebuildupofmacro-financialimbalancesduringcyclicalupswings.Theentryoffintechsandbigtechsintotheretaillendingmarketposesadditionalchallenges.NBFIretail,digitalonly,zlendersintroducerisksthatmaynotbepresentintraditiona
16、lretaillendingormayposeelevatedrisksthatarenotfullycapturedthroughexistingregulation.Theserisksstemfromtheir:(i)useofdigitaldeliverychannels;(ii)relianceonalternativedatainloanorigination,insomecasesminedfromtheiraffiliatedfinancialorno-financialbusiness;and(iii)novelcreditofferings,suchasbuynow,paylater(BNP1.)products.NBFIretaillendersmayalsobepartofbr
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