Abstract  3

1 Non-technical summary  4

2 Introduction: regulatory perimeter monitoring and its relevance for financial stability  5

3 EU legal and regulatory context  8

4 Trends, gaps and developments at the boundary of the regulatory perimeter  12

4.1 Unbundling and re-bundling of financial activities  12

4.2 Partnerships between financial and non-financial entities  14

4.3 Market places  15

4.4 Buy now, pay later arrangements  15

4.5 AI and data access  16

4.6 Decentralisation and DeFi  18

Box 1 Crypto-based staking, lending and borrowing  20

4.7 Data and information-sharing gaps  22

5 Case studies  24

5.1 Cross-border white label arrangement  24

5.2 Complex multi-partner white label arrangement  26

Box 2 Examples from the United States of white labelling risks and enforcement  29

5.3 Large neo-conglomerate  29

Box 3 Limits of traditional conglomerate regulation  32

5.4 Borderless fintech with bank-like activities  33

5.5 From fintech to banking and crypto-assets  34

6 Policy options and supervisory approaches  37

6.1 Risk assessments and monitoring  37

6.2 General regulatory approaches  37

6.3 Approaches for groups  38

6.4 Perimeter adjustment practices  39

7 EU-specific considerations  42

7.1 Enhanced collaboration on regulatory perimeter monitoring and risk assessments  43

7.2 Reviewing EU-wide reporting  45

7.3 Enhancing the EU regulatory framework  47

Box 4 Approaches of other jurisdictions to parent companies  52

8 Conclusion  56