<h1>Financial Sector Reform: Commission Recommends Principle-Based Regulatory Overhaul, Emphasizes Governance and Consumer Protection Enhancements.</h1> The Financial Sector Legislative Reforms Commission has submitted its report to the government, recommending a principle-based overhaul of the financial sector's regulatory framework. This includes restructuring existing agencies and creating new ones as needed. Non-legislative recommendations focus on enhancing governance, consumer protection, and transparency in regulatory processes, such as mandatory public consultations and cost-benefit analyses. The government broadly agrees with these non-legislative recommendations and encourages financial regulators to adopt them voluntarily. Further recommendations require extensive stakeholder consultation, with no set timeline for implementation. The goal is to strengthen the legal foundations of the financial sector to ensure it remains well-regulated and competitive.