In response to a request from the G20, the Financial Stability Board (FSB) has been developing recommendations to strengthen oversight and regulation of the shadow banking system. As part of this work, the FSB agreed to assess the case for action in respect of a number of areas, including the regulation of securitization. Based on the FSB’s decision, the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation (FSB SRC) requested IOSCO to, in coordination with the Basel Committee on Banking Supervision, conduct a stock-taking exercise in relation to requirements for risk retention and measures enhancing transparency and standardization of securitization products, and to develop policy recommendations as necessary. As a result of the FSB SRC’s request, IOSCO’s Task Force on Unregulated Markets and Products (TFUMP) was asked by the Technical Committee (TC) at its meeting in Tokyo in February 2012 to undertake a project (Project) which:  Describes and analyses global regulatory and industry initiatives on risk retention, transparency and disclosure standardization;  identifies and assesses material differences in regulatory and industry approaches and their impact; and  if and where appropriate, recommends approaches to addressing differences identified as material. The FSB SRC’s request emphasized measures in the US and the European Union (EU), as they were seen as the largest markets globally and sought policy recommendations as necessary. The request also noted rule-making in both the US and the EU was in progress. A report of the results of the work was sought by July 2012.