The law served a "legitimate regulatory objective" of providing information, he said, and was punitive neither in its intent nor its effect.

How to use disclosure and simplification to achieve regulatory objectives.

The guidance is meant to assist agencies in their efforts to use information disclosure and simplification to achieve regulatory objectives.

It encourages the use of market-based mechanisms to achieve regulatory objectives.

It has a duty to promote the regulatory objectives defined under that Act:

Approved regulators also have a duty to promote the regulatory objectives.

Section 1 of the Act defines eight regulatory objectives:

However, all analyze alternative approaches to achieving regulatory objectives as well as the benefits and costs associated with these alternatives.

This, together with requirements of trading and professional bodies, means that the regulatory objective has been largely met by voluntary means.

This may change depending on our ongoing assessment of the risks posed to our regulatory objectives by the payment services market.