FSA has published a feedback statement to its consultation on a prudential regime for trading activities. Respondents agreed there should be a fundamental review, which should not focus solely on what went wrong during the crisis. Many said capital requirements should not exceed Basel III levels, and that any solution should work consistently across jurisdictions. Respondents also said regulators should not focus solely on historical data when assessing risk.  Other comments included the need for a holistic review of the effects of all proposed changes and getting the right balance between rules and a principles-based approach. Respondents broadly agreed the other issues FSA suggested need to be addressed, but there was no consensus on the best way to achieve some of the necessary changes. (Source: Feedback on DP10/4: A Prudential Regime for Trading Activities)