How regulators want to regulate

Author: Nicholas Pettifer | Published: 11 Jun 2010
Regulators want necessary rulemaking to be made easier and would like their own accountability to be broadened.

In the final panel of the International Organization of Securities Commissions (Iosco) conference in Montreal yesterday, regulators complained that laws are built to encourage the status quo. Rules have to be justified against costs and benefits. To even collect the necessary data to make a decision means having to go through lots of hurdles to get permission.

“It is much easier not to do something, than it is to do something. It takes real political will and a deep commitment to furthering the structure and integrity of our markets,” said Mary Schapiro, Chairman of the US Securities and Exchange Commission (SEC).

“I wonder if we have the balance right? We have to justify every single thing we do on the assumption that everything...