The Bill gives the FSA substantial discretion in the way its powers can be exercised. A key issue for a financial regulator relates to the selection it makes from the range of instruments available and the way they are combined in an overall regulatory strategy so as to achieve objectives effectively and efficiently. The object of this paper is to review a policy document the FSA has issued. This document indicates how the FSA plans to evolve its approach to regulation. One of the particular challenges for the FSA will be to get the balance right between harmonisation and differentiation.
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