The FSB said the focus is mainly on identifying shadow banking activities rather than individual businesses—a change of tack from the approach taken with big banks and insurers.
The G20 summit is set to endorse tougher rules for nine named insurers, as it has done for nearly 30 big banks, but a comparable hit-list of shadow banks has not been outlined.
(Read more: World leaders to put shadow banks on long leash)
Shadow banking activities that have been targeted include credit investment funds, exchange-traded funds, credit hedge funds, private equity funds, securities broker dealers, credit insurance providers, securitisation and finance companies.
Despite the FSB's softly-softly approach, the reforms are certain to raise the hackles of some within the industry.
The FSB has decided to press ahead with plans to set the world's first minimum discounts, known as "haircuts", on the value of collateral to back repurchase, or repo, transactions and securities lending to ensure a big enough cushion if market valuations plunge.
The repo market involves borrowers selling the lender a security as collateral and agreeing to buy it back later at a set time and price.
Industry players including BlackRock and the International Securities Lending Association have said that minimum haircuts - which could be set at anything between 0.5 percent and 7.5 percent - could disrupt markets at a time when funding is needed to put sluggish economic recovery into a higher gear.
The warning has been heeded by the FSB. To soothe concerns the rule has has been put out to consultation and it won't be finalised until next year.
Actual implementation won't start until market conditions are right and authorities and industry have enough time to adjust their systems, the FSB said.
Regulators are also finalising new curbs on links between mainstream banks and shadow banking participants, though the FSB has not set a date for their introduction.