Non-bank financial intermediaries (NBFIs) have surpassed banks as the largest global financial intermediaries. And yet, most NBFIs continue to be lightly regulated relative to banks for safety and soundness, whether in terms of capital and liquidity requirements, supervisory oversight, or resolution planning. Figure 1 shows, using data from the Financial Stability Board (FSB), that the global financial assets of NBFIs have grown faster than those of banks since 2012, to about $239 trillion and $183 trillion in 2021, respectively. In percentage terms, the share of the NBFI sector has grown from about 44% in 2012 to about 49% as of 2021, while banks’ share has shrunk from about 45% to about 38% over the same period. ¹