Regulatory Process     IT Sector Regulation should be: " Open & Transparent " Predictable " Neutral & Objective " Expert " Designed to reduce regulatory risk and set basic rules, not to promote any particular technology or company Same for Enforcement Above all: Independent! " If the regulator has an interest in the financial success of one the competitors, it will not be seen to be independent (even if the staff are good & fair) Investors care - a lot - about Regulatory Risk The Future is Here: The Internet protocol is spreading in all directions, for all services. Before long, the vast majority of communications (voice, text, pictures, data, broadcasting, movies, multimedia, web, email, etc.) will travel over Internet-based networks.