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Regulation needs to be dynamic and regulators vigilant.
Regulation needs to be tighter," he said.
"It's a situation where the regulation needs an amendment".
"To be effective, regulation needs to be focused".
Clearly agencies are profiteering and regulation needs to be ramped up".
Effective regulation needs to control the amount of borrowing undertaken by banks and must ensure transparency.
But regulation needs to be informed by an understanding of how markets work.
"To keep American jobs in America, regulation needs to be fair and reasonable," Mr. Bush said.
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Mr Richards said the universal service was not financially sustainable, adding that regulation needed "radical reform".
Lord Leveson made clear that regulation needed the support of both the public and the press".
For each purpose, only the relevant test results, as required in the respective regulation, need to be used.
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