Table 1.

FSB’s narrow definition of shadow banking and example of classified entity type

Economic functions	Definition	Typical entities
Economic-function: 1	Management of collective investment vehicles with features that make them susceptible to runs	MMFs, fixed-income funds, mixed funds, credit hedge funds, real estate funds
Economic-function: 2	A loan provision that is dependent on short-term funding	Finance companies, leasing/factoring companies, consumer credit companies
Economic-function: 3	Intermediation of market activities that is dependent on short-term funding or secured funding of client assets	Broker-dealers, securities finance companies
Economic-function: 4	Facilitation of credit creation	Credit insurance companies, financial guarantors, monoline
Economic-function: 5	Securitization-based credit intermediation and funding of financial entities	Securitization vehicles, structured finance vehicles, asset-backed securities

Source: FSB (2020)