In addition, the task force that's looking at the payments system review right now is driven by a set of principles, and one of those is light regulation. The CPA has advocated not only light regulation but more principle-based regulation. Technology is moving so quickly that regulation has a difficult time keeping up, and setting it out more as principles allows the industry to innovate faster and bring product speed to market.
On November 2nd, 2011. See this statement in context.