Regulation by economic substance My next point relates to the regulation of near-banks. Some jurisdictions have already commenced to regulate the financial institutions on the principle that if it looks and behaves like a bank, then it must be a bank.
*  *  *  The Director, Macroeconomic Management Programme, MEFMI Distinguished Resource Persons MEFMI staff Course Participants Ladies and Gentlemen It is a great pleasure and honour for me to join you on the occasion of the official opening of this regional course on Financial Programming and Policies.