ABSTRACT
This chapter begins by restating the red lines that ring-fence the commons and that should guide regulators in relation to their first responsibility. The first and paramount responsibility is to ensure that the preconditions for any form of human social existence, for any kind of human community, are maintained and protected. Second it articulates and respects the distinctive fundamental values of the community. Third it maintains an acceptable balance between the legitimate interests of members of the community. Traditionally, regulators have sought to discharge their responsibilities by legislating various rules and standards; they also have the option of resorting to increasingly sophisticated measures of technological management. In relation to each tier of responsibility, the expectation is that regulators, faced with competing interpretations and conflicting demands, will take up reasonable and acceptable positions. The chapter concludes by the acts of re-imagination in relation to the nature and complexion of the regulatory environment, and the range of regulatory responsibilities.
