Abstract
This paper draws attention to a number of significant differences in the approaches adopted by regulators around the world and, more specifically, in the approach adopted by European regulators in the implementation of the Capital Adequacy Directive. It comments on the tools available for regulators in their oversight of financial markets, and argues for significant changes in the approach presently adopted: regulators should devote far more attention to the quality of internal controls and risk management procedures exercised by financial services institutions, and should encourage the public disclosure of meaningful information about the risks undertaken by financial services institutions and the ways in which they manage such risks. The paper discusses the skills required of regulators if they are to be effective in the changing financial services industry, with particular implications for their training, development and remuneration. Finally, the paper suggests that the exchange of information between regulators on individual financial services institutions and groups must be improved.
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