Here are the ways we define “good regulation”:
- The need to use our resources in the most efficient and economical way;
- The desirability of facilitating innovation and fostering the international competitiveness of the QFC;
- The desirability of fostering competition between those who are subject to regulation by the QFC Regulatory Authority;
- The principle that the QFC Regulatory Authority should exercise its powers and functions in a fair and transparent manner;
- The need to comply with such generally accepted principles of good governance as it is reasonable to regard as applicable to it;
- The need to balance the burdens and restrictions on firms with the benefit of regulation; and
- The need to act in accordance with all laws and regulations to which we are subject.