The modern world is definitely in love with its noun-based activities. Each week, a paradigm-shifting approach to some human endeavour is announced with a title like value-based health care or outcome-based education. When I delve into the details, I am generally left either confused as to what they are selling or how they are different at all. Regulation is no different. Just plugging "based regulation" into Google yields, on the first page alone, principle-based, results-based, performance-based, outcomes-based and output-based regulatory approaches.