Whatever distant these topics might seem, they have something in common, in my opinion, they urgently need strong regulation.
For instance my parents hardly tried to obtain my wholehearted cooperation to set acceptable behavior constraints, during all stages of my education, to rise a son to be proud of; but I was rather normal boy, very much preferring some sort of affordable punishment instead of trading my freedom to do what boys my age usually do: break neighbors windows, steal their fruits -obviously far tastier than those in our own courtyard, and I would not enter details of my grown-up youth – not to become offensive.
So in my personal experience self regulation did not work. More I can find a lot of similitude with the relationship between financial regulators on their pupils commercial business.
To push remembrance further, in my professional experience (computer design), self regulation does not work either: all clever people are excited to research ideas and way to make them work, refine those ideas and when finally satisfied with the result immediately stop all activities, because it requires too much effort, the cost of implementing them is too high, and in fact working is meant for tractors and not for genius. Proper deadlines are poisonous, metrics and measurements dangerous for out of the box thinking, and control is reserved only for tickets not for creative minds outcome.
Contemporarily, I am no longer either personal or professional – I am managing – no hart, no mind! This is a very important personality transformation, because I know very well that all my, younger and clever than myself, colleagues are an improved and fearless generation (quite similar with enhancing and sophisticating the financial instruments). This is giving me survival food: I am more inclined to perceive risks, and my company pays me to contain it. That’s very good, and I became in the last part of my life a regulator. This is very powerful position, and since I madly love myself and my image in the mirror, I tyrannically bring our team to immediately apply their research, after so democratically leading them to creative thinking, to filtering their ideas in open debates, and to laying-out applicable theory.
Back to the two posts, for SEPA to become the intended business cost saving and risk containment environment, strong regulation is needed.
As about our Sibos team performance they might self-regulate their work, as long as BIS board member and the Ops Mgr are timely correcting any possible deviation from the guidelines.