As policymakers and central banks continue their work on developing and adopting system-wide perspectives, there are many questions outstanding over the appropriate shape of macro-prudential supervision. This discussion paper from the Bank of England sets out the regulatory tools which it believes the new Financial Policy Committee (“FPC”) will need to perform macro-prudential supervision effectively. It suggests that the FPC should have directive powers to require the Prudential Regulation Authority and the Financial Conduct Authority to modify leverage ratios, countercyclical capital and liquidity buffers, to impose restrictions on loan-to-value and loan-to-income ratios, to increase disclosure requirements, to restrict remuneration and dividends, and others.