The International Organisation of Securities Commissions has released a paper which aims to promote discussion among regulators on the ways systemic risk comes under their mandates, and to give them insights into how they can identify, monitor, mitigate and manage systemic risk, including: expanding their supervisory role in terms of greater market transparency and disclosure, a better understanding of financial innovation, increased internal resources devoted to monitoring market developments and identifying emerging risks, and engaging with other national and international regulators and supervisors to produce a more robust, coordinated framework for promoting financial system stability. Regulatory tools include: (i) measures to increase transparency; (ii) business-conduct rules; (iii) organisational, prudential and governance requirements; and (iv) emergency powers. The paper concludes that disclosure and transparency are critical to identifying emerging systemic risk; urges securities regulators to focus on financial innovation and its implications for financial stability; encourages regulators to develop key risk measures and highlights the need for regulators to cooperate in understanding market vulnerabilities and the interconnections between the financial sector and the real economy.