1. Balancing stakeholder interests Concurrent session Va: Regulatory rules: transparency, accountability, credibility Matthias Finger, Professor Ecole Polytechnique Fédérale Lausanne (EPFL) European University Institute (EUI) Reflecting upon 8 years of regulatory practice

2. Structure Demands on regulators What are the main principles of the regulator (independence, impartiality, credibility)? What can be done about these principles (by the constituting law, by the regulator itself, by the selecting body)?

3. Demands on the regulator Nobody likes the regulator: Regulated firms Politicians Administration / offices in charge Competition regulator Courts Except for: Consumers  disorganized New entrants  ungrateful

4. Key principles for the regulator Independence (not being captured): - institutional - financial Impartiality, fairness: - professional, procedural - ethical Credibility: - independence - impartiality - ethics - competence - historical, experiential

5. Who must do what? Constituting law: - independence - proper procedures Selecting authority: - independent people - competent people - ethical people - composition of the regulator Courts: - subject matter competence Regulator itself: - team culture - continuing education - leadership

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