Develop a critical analysis examining the role of financial regulation and supervision and implications for the financial system and society. Your analysis should consider the context of the Global Economic and Financial Crisis (GEFC), and what has been learned after more than a decade of the global turmoil. You are required to critically examine the role of financial regulators taking a historical perspective that can start by considering the 1933 Glass-Steagall Act and its repudiation in 1999. To help you elaborating your discussions you might consider some of the points below:

1. The value of regulation and its impact on Financial Institutions, Investors, and Consumers.

2. The case of the Banking Sector and the Hedge Fund Industry. To support your views, you might consider the following statement: "Protectionism poses a threat to Hedge Funds but guarantees stability in the Banking Sector"

3. The importance of fostering financial innovation.

4. The latest scandal - FinCEN