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As a cause of the financial and the subsequent sovereign debt crisis in which the world and the EU is above all since 2007, a lack of legal regulation of key economic actors and institutions was at an early stage, a lack of regulation, rather identified, for the financial crisis was at least partly responsible. Specifically, the lack of legal provisions and thus limits for banking were (especially the so-called. Shadow banks) and the financial markets with regard to certain critical to be considered products, in particular financial derivatives such as mortgage/asset securitization (MBS CDO, ie Mortgage Backet Securities, Collateralized Debt Obligations) and credit default swaps (credit default swaps), but also in terms of requirements, such as equity certificates, or institutions such as hedge funds and rating agencies identified. These areas were either - from today's perspective - insufficiently regulated by law or been falsely do largely or even completely over let the industry self-regulation and reliance on market discipline risk-averse investors (such as derivatives, hedge funds and risk management of the banks, which relied on unregulated rating agencies). Furthermore, a lack of supervision was lamented as another cause, which led to a lack of enforcement of existing rules. Adapted from the source document.