This discussion paper provides the basis for dialogue about a suitable regulatory framework for the not-for-profit sector (NFP).1 The purpose of regulation is to steer the flow of events. 2 Effective steering is best accomplished through regulatory frameworks that are shared and discussed with stakeholders. This is particularly so when change is afoot and the right balance needs to be struck between preventing actions that cause harm and encouraging actions that contribute to the public good. Getting the balance right requires cooperation among regulators and stakeholders, and most importantly, the knowledge and experience each brings to the discussion table. Regulation that is not developed in this way has higher risk of unintended and undesirable consequences that are counterproductive to achieving the goals of the sector and the regulators.