One of the issues that the Committee on Financial Sector Assessment addressed on the infrastructure for the financial sector was regulation. This is of great relevance since one of the reasons for the global financial crisis was a failure of regulation. The committee studied and discussed regulatory issues in a number of areas and from a number of important perspectives: (i) principles versus rules based regulation; (ii) regulation of financial conglomerates; (iii) multiple versus single regulator; (iv) role of self-regulatory organisations; and (v) regulatory independence vis-à-vis the government. This edition of the monthly review discusses these five aspects of regulation. The second of a three-part series on issues relating to the CFSA's reports.