BBVA Research | Transforming shadow banking into resilient and market – based financing is one of the four core elements of the global financial regulatory reform undertaken by the G20 in 2008 at its first meeting in Washington . But prog ress towards achieving this goal is uneven and there is still work to be done. The implementation of the agreed measures is in an incipient phase. The most significant advances have been in improving transparency and aligning incentives in securitisation.