corporations as the global financial crisis metastasises into its next

form. The US's rules-based approach and the UK's governance principles

no longer cut it. A major problem is that most regulatory systems are

designed as a consequence of past failure and are incapable of dealing

with new crises as they emerge. Regulators now must rise to the

challenge of creating a forward-looking, dynamic system that also

captures the moral outrage triggered by the ongoing crisis and redefines

the meaning of integrity, says Justin O'Brien, an expert in financial

regulation at the University of New South Wales.