At the request of the G20, on April 12, 2011 a Financial Stability Board task force on shadow banking issued its initial report, “Shadow Banking: Scoping the Issues,” laying out the current thinking of the task force on the definition of "shadow banking," "potential approaches to monitoring it, and possible regulatory measures to address systemic risk and regulatory arbitrage concerns posed by the shadow banking system. Though preliminary in nature, this “background note” may provide some valuable clues about the nature, scope, and extent of upcoming proposals to regulate shadow banking.