Evaluating the Performance and Accountability of Regulators

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Presentation transcript:

Evaluating the Performance and Accountability of Regulators colin.scott@ucd.ie Berle V Capital Markets, the Corporation and the Asian Century: Governance, Accountability and the Future of Corporate Law 13 -14 May 2013, CLMR, Sydney

Trust in Regulation

Which Problems with Regulation? Feedback (information gathering) Correction (behaviour modification) Norms (standard-setting) Rule making Implementation

Is Accountability an Answer?

Performance Evaluation National Governments Performance Evaluation Supranational Private Oversight

How to Account for Performance? Feedback (information gathering) Correction (behaviour modification) Norms (standard-setting) Better Regulation Network Governance Learning Outcomes Performance Indicators Regulatory Audit

Single indicator of regulatory performance? Cost-effectiveness ratios Benefit-cost ratios Net benefits Return on investment (Coglianese, OECD 2012)

Private Performance Tools ISEAL Credibility Principles Relating to Performance: Effectiveness; Relevance; Rigour; Accuracy; Impartiality; Coordination; Operational Efficiency ISEAL Impacts Code Requires: establishment of monitoring and evaluation programme defining of the intended change establishment of appropriate indicators data collection and evaluation evaluation reports learning and improvement

Why Account for Performance?

‘commitment to providing publics with a diversity of viewpoints and high levels of information about the exercise of power’ Linked to ‘enforcement’ and ‘voice’ (John Keane)

Concluding Thoughts Which outcomes-based PIs for financial regulation? Public and private regulators Who will monitor? How they use transparency? How much monitory democracy is enough ? credibility cost How to promote learning?