Which of the following can be said about banking regulators?

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Step-by-step explanation:

1. The passage states explicitly that "belatedly, regulators, too, are waking up to the new financial order of shadow banking," which directly indicates a delayed response.

2. It describes the regulatory actions as "a small start" (e.g., making banks declare structured investment vehicles and imposing leverage limits in America and Europe), implying that intervention came late and is limited relative to the problem.

3. The passage also notes shadow banking accounts for "a quarter of the global financial system" (i.e., $1/4$ or $25\%$), so regulators’ recent, modest steps support the view that they were slow to respond to growth.

4. Therefore statement (4) — "These have been slow to respond to the growth of shadow banking" — is the correct conclusion based on the passage.

FINAL_ANSWER: d

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