This is another good question.
To answer your first question on whether they are able to regulate commercial activity, I think the answer is no.
The judiciary is not independent from the rest of the government. There's been corruption there for so long, and this is how they've been operating for so long, that it's difficult to change this right away.
There needs to be support and education to change the way things are. I know there's a lot of talk about exchange programs being set up with professionals in education coming to other countries to see how things are done differently. That's another way to do it.
What are the priorities? Definitely establishing an independent judiciary would be a big step.
Another problem with commercial activity is that it's so intertwined with cronies of the previous regime and with the military that it's going to be a difficult process. As I said earlier, a lot of extractive industries are in ethnic areas. Mining companies have worked there in collaboration with the military. The military allows them in and provides security. One way Burma pays its military commanders is to let them make a profit off what they're extracting.
This is a difficult system to change, but it needs to be changed. The Burma army is using forced labour and is forcing people off their lands in these areas with impunity. Whenever these companies are partnered with the army, I'm afraid these things are going to happen, whether or not the companies want them to.
That would be one start, and I think the judiciary would be the other.