Kungfu Panda
The regulatory body is there to lay down an absolute minimum not to put in place an acceptable Norm, therefore from this point of view forget the regulatory body.
You may be interested to read the following from CAA 2011-2016 Strategic Plan:
Performance based regulation
Under the Enhancing Safety Programme (ESP), we are developing a risk and performance based approach to regulation – known as Performance Based Regulation (PBR). It goes beyond simply ensuring compliance with rules, aiming to identify the highest aviation risks to the UK passenger and general public across the total aviation system, and to ensure that the management of these risks is effective. By assessing and prioritising the risks, we are able to target our resources in the most important areas and determine the safety outcomes that are most important to pursue.