Much to the dismay of counsel, the chief executive of the UK Financial Services Authority (FSA) has put the regulator's new short-selling rules on a pedestal. He has heralded them as the start of a new decisive culture at the regulator. But the new rules were hurried and ineffective.
"I believe this year we have moved closer to the culture we aspire to," said Hector Sants' at the FSA's annual public meeting today. "In particular, I believe we have demonstrated our willingness to be brave and to make difficult,...