Which statement about shadow banking is accurate?

Which statement about shadow banking is accurate?

• A. Shadow banks are non-bank entities that perform maturity transformation and funding similar to banks outside traditional regulation; examples: money market funds, securitization SPVs, hedge funds.
• B. Shadow banks are traditional commercial banks subject to deposit insurance.
• C. Shadow banks are central banks' regulatory bodies.
• D. Shadow banks are only insurance companies.

Answer: (A)