"Although the SFC looks very professional and efficient, people aren't very confident it can deal with big enterprises and institutions with the same fairness it appears to deal with small intermediaries, " he says.
Purpose-built for the NWNW SFC, the concern between Cardigan and the Dee Estuary is that this patrol boat will be used on the English side of Liverpool Bay - and that Welsh officers would have to make do with their inflatable dinghies.
Ashley Alder, chief executive of the Securities and Futures Commission (SFC), said the new rules "will incentivise sponsors to raise standards, pick the right deals and manage them well, which should in turn reduce risks for investors and all those involved in the initial public offerings".