A blatant hole in your argument is assuming illegality covers...

A blatant hole in your argument is assuming illegality covers the field. It's a colossal error, but it's not the only one you make.

This is like asking Kelly O'Dwyer to admit she got it wrong with opposing the Royal Commission into the banks, causing years of unnecessary delay. You'd think she'd concede and move on, but no! It's obvious that if ASIC doesn't even have sufficient funding to properly regulate the banks, there might be a bit going on on the ASX that's dodgy as well.

In fact the problems with regulation of conduct that is unfair, manipulative, deceptive, morally and ethically wrong etc are many. You only raise one aspect of this and you do so in an incomplete way. The fact that I've targeted only one of your errors is not a question of incomprehension, it's a question of resources.

The fact is that underpinning all regimes which are effective is a culture of compliance. Once that is eroded, all bets are off about what's really going on. The banking culture has been exposed as deficient. That took years of agitation, and the Royal Commission has so far, only touched the surface of the systemic problems. 20 counts of misleading the regulator is the gold star AMP, but if you don't ask, you don't get. The trading culture is long overdue for a really thorough workout, Royal Commission style.

I have a regulatory background and trust me, I didn't fail to comprehend your points at all.

MSB has reason to seek better regulation. The fact is, it's a bit preoccupied right now with the business of saving lives, and improving the quality of life for others.