If it is determined that new rules need to be written, they must not be picayune regulations that simply give the unscrupulous a roadmap to evade the spirit of the rules. It is the observance of the spirit as well as the letter of the regulations that we all must aspire to achieve.
Thus, it seems as if standards and codes are being pressed upon developing countries to improve transparency and disclosure without corresponding obligations for disclosure by financial institutions and hedge funds". I may, however, add that this conclusion does not in any way minimise the importance of standards to any nation. It would be preferable to move to best practices irrespective of other country practices.