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from PART I - The past
Published online by Cambridge University Press: 21 August 2009
Mere looking, unguided by theoretical consideration of any sort, is from most scientific points of view wholly insignificant and without consequence.
Introduction
The previous chapter considered the regulatory and supervisory processes. This chapter will focus on the people who are responsible for implementing those processes, how they carry out their function and the structures within which they operate.
Essentially, regulation is about changing the behaviour of regulated institutions.
The following quote sums it up for some regulators. You don't need to be a masochist to work in financial markets regulation but it helps. You can never be right, you always cost too much and you can never know as much about the people you regulate as they do. Act too quickly on something and you are guilty of a knee-jerk reaction. Take your time and you are dragging your feet. Ask the institutions you regulate too many questions about possible changes and you are swamping them with consultation papers. Ask too few and you are high handed. Too many rules, you are suffocating the market; too few and you are asking for trouble.
Evolving financial services
The role of the regulator must be considered within the context of the regulatory environment. Although this is a truism, a moment should be taken to remember some of the changes that have taken place within that environment – which itself reflects the evolving financial services markets.
It has to be said that standards ‘Offshore’ are changing.
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