On 18 March, 2009, the Financial Services Authority ("FSA") published the Turner Review of global banking regulation. At the same time, the FSA published this Discussion Paper DP09/2 – a Regulatory Response to the Global Banking Crisis setting out its regulatory proposals to address the issues raised by the Turner Review. The discussion paper notes that the FSA are seeking to achieve five outcomes for the global banking regulatory and supervisory framework: banks are better capitalised and more resilient to liquidity shocks throughout the business cycle; the regulatory framework in general, and its capital component in particular, do not amplify the business cycle; supervisory and crisis management arrangements for cross-border financial services groups are effective and reflect the interests of host countries as well as those of the home; any material risks to financial stability posed by unregulated activities or firms are identified and controlled; and macro-prudential and other risks to financial stability are identified at both the international and national levels and effective action is taken to mitigate them.