Departing Financial Markets Authority boss Sean Hughes says regulation should not be a panacea for all ills but an inducement and encouragement for willing investors to participate.
Speaking to key stakeholders at the regulator's last quarterly update for the year, Hughes took the opportunity to thank his predecessor Simon Botherway - chairman of the FMA establishment board - media and the industry for its support over his three-year tenure.
Hughes joined the FMA in October 2010, before its May 2011 official launch, and is to depart on December 17 after deciding not to apply for a second term as chief executive.
He said his decision to leave the organisation was driven by the wisdom of knowing when to step away and move on.
"I didn't seek a second term. For me the job was laid out in front of me in 2010."