18. Transforming the Regulatory System of Higher Education 18.1. Regulation of higher education has been too heavy-handed for decades; too much has been attempted to be regulated with too little effect. The mechanistic and disempowering nature of the regulatory system has been rife with very basic problems, such as heavy concentrations of power within a few bodies, conflicts of interest among these bodies, and a resulting lack of accountability. The regulatory system is in need of a complete overhaul in order to re-energize the higher education sector and enable it to thrive. 18.2. To address the above-mentioned issues, the regulatory system of higher education will ensure that the distinct functions of regulation, accreditation, funding, and academic standard setting will be performed by distinct, independent, and empowered bodies. This is considered essential to create checks-and-balances in the system, minimize conflicts of interest, and eliminate concentrations of power. To ensure