It's a rehash and cut-and-paste of older stuff. There is nothing definitive about reviewing the regulatory systems or re-examining the funding and cost recovery models. There is nothing substantive about the role of RegTech. It's just the usual tinkering with rules—an expensive vanity project.

Shut it down. Send the savings to actual priorities. Give the function to Treasury vote teams. Require CEs to demonstrate the cost-effectiveness of their regulatory systems annually, and demand they lift the quantifiable administrative/regulatory burden year on year. Tie both to performance.