A recent article in the Pakistan Business Recorder says that the Securities and Exchange Commission of Pakistan (SECP) does not exhibit the standards of a regulator. Let's not pick on SECP only. Most other regulatory agencies in Pakistan have been in the news for not-so-good reasons. When it comes to these "standards," words like transparency, accountability, internal governance, independence, and a clear mechanism for dealing with any conflict of interest take centre stage. It seems that governance of regulatory institutions and problems therein are not limited to Pakistan alone. The OECD recently launched a " Public Consultation on the Governance of Regulators " soliciting comments by 31 August. Quite a comprehensive document - of course, its the OECD whose policy notes and papers on various aspects of economy and development are generally of stellar quality. From the foreword of the document, "Efficient and effective regulators, with good regulato