Fifth, how far do consultations with market participants help enhanced efficiency and when does such consultation end up as capture of regulator by the regulated. Sixth, how much of findings of supervisory oversight be put in public domain and how much kept for communication between the regulator and the regulated.
Seventh, how much of the supervisory oversight should be strictly rule based and how much of judgment of overall compliance acceptable. Briefly stated, the answer to all these questions lies in seeking and striking a right balance. These are several issues which need to be addressed irrespective of the structure of regulation.