The Financial Stability Board and the International Organization of Securities Commissions have fired the starting gun on identifying which non-bank and non-insurers could cause mayhem if they were to collapse.

In an eagerly-awaited 44-page consultation published Wednesday, the two international regulatory bodies highlighted the difficulties of identifying which non-banks and non-insurers could prove systemically risky. The report follows a fevered debate in the US over whether fund managers need regulating to prevent future financial shocks.