Resilience Spine
    Obligation 10 — Non-Bank Finance & Private Credit Transparency

    Same exposure. Attested equally.

    Private credit has crossed the threshold at which supervisors treat it as systemically relevant — yet the aggregation, look-through and leverage discipline that bank credit books carry by default is absent. Obligation 10 expresses these as institution-owned attestations against a configurable anchor pack, regardless of vehicle wrapper.

    Sub-controls

    FR-10-01

    Borrower-level exposure aggregation

    Look-through from fund vehicle to ultimate borrower with relationship-graph reconciliation.

    FR-10-02

    PIK / covenant-lite / amend-and-extend flagging

    Continuous flag-and-attest of payment-in-kind toggles, covenant erosion and maturity extensions.

    FR-10-03

    Fund-of-fund and feeder look-through

    Master-feeder, parallel-fund and SMA look-through, with double-counting suppression.

    FR-10-04

    Leverage attestation

    Gross / net leverage, NAV-facility utilisation, subscription-line dependency and recourse profile.

    FR-10-05

    Liquidity-mismatch attestation

    Redemption gates, side-pockets, asset-liability tenor analysis, stressed-NAV liquidity coverage.

    FR-10-06

    Bank-NBFI interconnection

    Warehouse lines, repo, total-return-swap and securities-financing exposure between regulated banks and NBFIs.

    FR-10-07

    Concentration & vintage discipline

    Single-name, sector and vintage concentration with stressed-loss attribution.

    FR-10-08

    Independent valuation governance

    Independent price-verification, model-marks governance and audit-committee evidence chain.

    Anchor sets

    United States
    SEC Private Fund Adviser Rules residue · Form PF · FRB SR 23-4 · OCC third-party · FSOC NBFI work-stream
    European Union
    AIFMD II · ESMA leverage caps · ECB NBFI risk monitor · AMLA
    United Kingdom
    FCA AIFMD UK · BoE FPC private-credit deep-dive · PRA SS5/24 (where in force)
    Canada
    OSFI B-10 / B-15 · CSA NI 31-103 · Bank of Canada NBFI work
    Middle East
    ADGM FSRA Funds Rules · DFSA CIR · VARA Investment Token rules
    Asia-Pacific
    MAS SF(LCB)R · HKMA / SFC NBFI guidance · ASIC RG 97 / RG 240 · JFSA

    Outputs

    • · NBFI Exposure Grade — institution-level effectiveness grade across the eight sub-controls.
    • · Leverage & Liquidity-Mismatch Attestation — anchor-conformant determination with audit trail.
    • · Concentration Map — single-name, sector, vintage and bank-NBFI interconnection lens.
    • · Substantial-Similarity Attestation — same risk, same rule, attested equally to the anchor pack.

    OB-11 Pension & Fiduciary Resilience

    Where private-credit losses land first.

    Open

    TPRM Pack

    Fourth- and nth-party exposure for NBFI service providers.

    Open