In order to be effective, a regulator must build partnerships and encourage stakeholders to take an active role in safeguarding the rules of conduct, not punish the innocent majority for the crimes of the few.

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"The ERA is an active member of the IFHA and constantly reviews its rules and regulations based upon the IFHA's International Agreement of which we are a signatory, " the authority said in an emailed statement.

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Once that universe is defined, the rules-based framework passes the baton to active managers who make the ultimate buying decisions to construct a portfolio consist of about 35 individual names.

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No, truth be told, I am an active risk manager and I will sell anything and everything if my rules are violated.

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They don't want MPs intervening in active court cases or clashing with the judges every five minutes - and so there are detailed rules about what can and can't be done.

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To make matters worse, the three-phase benefit--each with its own set of rules--creates powerful incentives for old people, with the connivance or even the active participation of doctors and druggists, to pad their pill expenses.

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