Chapter 2 takes stock of global regulatory reform 10 years after the global financial crisis. It reviews the main precrisis failings in financial sector oversight and assesses the progress in implementation of the reform agenda designed to address them. It also looks at whether shifts in market structure and risks in the global financial system since the crisis have been in the direction the new regulatory agenda intended, that is, toward greater safety. It finds that the broad agenda set by the international community has given rise to new standards that have contributed to a more resilient financial system—less leveraged, more liquid, and better and more intensively supervised, especially at large banks. The forms of shadow banking more closely related to the global financial crisis have been curtailed, and most countries now have macroprudential authorities and some tools with which to oversee and contain risks to the whole financial system. The chapter also identifies areas in which consolidation or further progress is needed, such as completing implementation of the leverage ratio and ensuring adequate toolkits for containing systemic risk. Although evaluation of the impact of reforms is advisable, the chapter warns against a rollback that might make the global financial system less safe. Finally, regulators and supervisors must remain attentive to new risks, including fintech and cybersecurity, but also must continue their vigilance on the perimeter of prudential regulation.