Private Contracting Opportunities People can get information if they really want it. The firm is a natural monopoly. Regulation avoids monopoly pricing. Better regulation will protect the public. Accounting if a public good and there are market failures in this area.
Regulation makes all society bear the cost of free riders.
Social Goals eg. There is not good method of measuring public interest. The strongest group gets its way. So all parties can be heard, we have a due process.