One particular issue highlighted by the financial crisis is whether the standard of care, skill and diligence that regulators and the courts enforce is, or should be, norm setting or norm reflecting.

Complexity in product design, technological innovation and globalisation combine to bring unparalleled challenges to the regulation of market conduct.

Public corporations should have a mix of independent and non-independent directors, and directors should be held to a duty to the corporation as a whole.

The differences between corporate and securities law reveals the nature of both corporate law and governed firms in China, with mandatory corporate governance necessary for investor protection.