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Good Regulation: Payday Loans, Securitisation and Insider Trading

In: Good Regulation, Bad Regulation

Author

Listed:
  • Imad A. Moosa

    (Royal Melbourne Institute of Technology (RMIT))

Abstract

For free marketeers, no regulation is good regulation and any regulation is bad regulation. But for those who believe that regulation can be good, it is not easy to characterise good regulation. Thomadakis (2007) argues that “good regulation must start with a clear understanding of the objective – and this necessitates a trilateral dialogue between regulators, the regulated community, and the beneficiaries of regulation”. He wonders what makes good regulation and responds with a very simple answer: “good regulation serves the public interest through supporting ongoing confidence in processes, such as the market process, in which the public participates and in activities, such as auditing, on which the public relies”. He then explains why regulation is necessary to support confidence in markets. Thomadakis suggests some criteria for good regulation: necessity, transparency, proportionality, effectiveness and flexibility. D’Arcy (2004) suggests another list of criteria for good regulation: fair (applied equally), simple, inexpensive, enforceable, targeted and proportional.

Suggested Citation

  • Imad A. Moosa, 2015. "Good Regulation: Payday Loans, Securitisation and Insider Trading," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Good Regulation, Bad Regulation, chapter 4, pages 56-77, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-44710-4_4
    DOI: 10.1057/9781137447104_4
    as

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