The FSA has delayed, for a second time, a planned DP on regulatory transparency. The DP, originally due out in April, was planned for publication this week but will not be available until "mid-year". This was revealed in a speech entitled 'Principles-Based Regulation - Lessons from the Sub-Prime Crisis' by Hector Sants, at a FSA Securities and Investments Institute Annual Conference on 15 May 2008. (See: Speech by Hector Sants, 15 May 2008)

This discussion paper reflects the FSA's strategic priorities for 2008 and 2009, as set out in their recently published 2008/9 Business Plan. One particular priority included promoting efficient, orderly and fair markets. (See previous blog: UK: New Business Plan for the FSA.)

Mr Sants told the Securities and Investment Institute's annual conference that in particular, the FSA is reviewing its overall transparency strategy to see whether further increases in disclosure would improve their ability to meet regulatory outcomes. Mr Sants noted that this review occurs within the context of greater public expectations, in part reflected by the government's Better Regulation initiative and obligations under the Freedom of Information Act. The DP, when published, will ask for views on how the FSA should proceed.