In the context of financial regulation, it is essential to reconcile two conflicting objectives: the need to allow innovation to flourish and the need to protect investors. The policy challenge is to build corporate governance and financial regulation in ways that emphasise duties and responsibilities as well as corporate rights. The appropriate first order question, therefore, is not how we regulate but for what specific purpose? This cannot be undertaken without an extensive examination of the role played by the professions in framing the paramters or acceptable personal and corporate conduct. A necessary first step is to ascertain the strength of underpinning norms of business and professional ethics. There is also the need to re-evaluate specific detection and deterrence mechanisms. This series subjects existing or redesigned professional restraining mechanisms to ongoing and rigorous evaluation.

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