Member

Amendment 68 would require the regulator to publish an annual statement reporting on its success in fulfilling its general duties. It builds on the concerns that have been raised about the importance of expanding the duties that are placed on the regulator. Requiring an annual report would ensure that the regulator was forced constantly to assess how well it had performed its duties. A good regulator is self-reflective, and any regulatory body that does not look frequently at its own work and take stock of how well it is performing is surely doomed to fail. It would otherwise be all too easy to carry on its work creating ever-more burdensome rules, handing out fines and imposing other penalties without ever stopping to assess whether those actions were achieving the effects they intended.