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The SRA's espousal of its 'big idea' of ABS structures was always going to conflict with its prime role of regulator. In this instance its conflict is laid bare.

The SRA needs to get back to being a competent, consistent regulator instead of dabbling in market reforms for which it is woefully unqualified. Can we have some sort of amnesty where all SRA leaders are mandated to hand in their books written by Harvard management gurus?

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