The biggest reason for the rise in the price of oil (measured in US dollars) has been the rise of demand. Of course it is not Australian demand (though that has risen), but demand in Asia, and especially in China, that accounts for much of the rise in global demand.
Similarly, it has been possible to invoke prudential regulations over RBI regulated financial institutions to effectuate best practices in financial markets, though the legal compulsion as a regulation on all market participants may not be possible; the example of successes achieved are dematerialisation of Commercial Paper and Demateralisation of Debt instruments, brought about in the requirements on Banks and financial institutions.