The responsibilities of the regulatorshould be clearly and objectively stated. The regulatorshould be operationally independent and accountable in theexercise of its functions and powers. The regulator shouldhave adequate powers, proper resources and the capacity toperform its functions and exercise its powers. The regulatorshould adopt clear and consistent regulatory processes. Thestaff of the regulator should observe the highestprofessional standards including appropriate standards ofconfidentiality. The regulatory regime should makeappropriate use of Self-Regulatory Organizations (SROs) thatexercise some direct oversight responsibility for theirrespective areas of competence, and to the extentappropriate to the size and complexity of the markets. SROsshould be subject to the oversight of the regulator andshould observe standards of fairness and confidentialitywhen exercising powers and delegated responsibilities. Theregulator should have comprehensive inspection,investigation and surveillance powers. The regulator shouldhave comprehensive enforcement powers. The regulatory systemshould ensure an effective and credible use of inspection,investigation, surveillance and enforcement powers andimplementation of an effective compliance program. Theregulator should have authority to share both public andnon-public information with domestic and foreigncounterparts. Regulators should establish informationsharing mechanisms that set out when and how they will shareboth public and non-public information with their domesticand foreign counterparts. The regulatory system should allowfor assistance to be provided to foreign regulators who needto make inquiries in the discharge of their functions andexercise of their powers.
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