IFAC examines industry regulation
IFAC has examined what it deems to be the “never-ending mission” of industry regulation in a recent report.
On the back of a constantly evolving global regulatory environment, the IFAC discussion paper From Crisis to Confidence: the Role of Good Regulation has examined the impact, benefits, and costs of the current regulatory landscape, comparing internationally recognised standards and principles of ‘good regulation’.
“Good regulation is essential to the fairness, efficiency, and effectiveness of economies,” said Fayezul Choudhury, IFAC CEO.
“Making regulation work in the public interest is a never-ending mission.”
The report has been published in preparation for a Hong Kong-based roundtable, which will bring together senior representatives from the regulatory, government and business sectors to discuss the state of regulation.
“During the immediate pressure of crisis decision-making, such reflection is not always possible,” noted Mr Choudhury.
“Taking stock now is essential. Strengthening the global financial system’s capacity to anticipate, respond and collaborate is paramount – especially before the next inevitable shock to challenge the global economy.”
IFAC has also turned to the research community in the wake of the report, seeking written comments regarding emerging problems in the regulatory space, the main costs and impacts of the system and feedback on what is currently working well.