But encouraging vengeance as a general practice is playing with fire.” Regulators and supervisors or any other authorities should make productive use of the rules, guidelines and laws in the best interest of our financial sector. Misuse of the rules, guidelines and laws by anyone of us could only jeopardize the achievement the authorities’ objectives.
Progress in work on the various elements of the reform agenda is at different stages. Some reforms have already taken the form of planned legislation or have already entered into force; others will follow this year. Even so, we still have a lot to do.