In a move that will come as a relief to those working in the capital markets industry, Treasury boss Hank Paulson has called for an overhaul of its regulation."To maintain our capital markets’ leadership, we need a modern regulatory structure complemented by market leaders embracing best practices," Paulson said. "The steps we are announcing today will help to strengthen our global competitiveness."The announcement follows capital markets initiatives released in May.The Treasury will devise a plan to introduce a regulatory framework that will improve oversight and efficiency, and reduce overlap. The Treasury stressed that the framework must be able to adapt to the constant innovation present in capital markets.