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The apparent recent failures of the 'light touch' approach to regulation should not lead authorities to conclude automatically that a heavy-handed approach would be the appropriate solution. While it is understandable that governments wish to be seen taking decisive action in response to crises, it must be recognised that regulatory failures have occurred under both types of approach.

Regardless of the conceptual approach adopted, what is essential is that regulatory authorities are effective in carrying out their various functions, in particular the supervision of regulated entities, and succeed in their regulatory objectives.

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