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This is not only a wake-up call for the SFO but the alarm bells should also be ringing for every other regulator from the FCA downwards. Regulation as devised by bureaucrats and politicians has reached its high-water mark. It mostly doesn't work, is hugely expensive and extremely disruptive. The FCA should expand its Sandbox to test alternatives which can make its own and other regulators' internal systems better, cheaper and more efficient - and avoid wasteful high profile prosecutions. It's time to regulate regulators.