A/HRC/17/34 E. Enhancing regulation that protects individuals from abuse by private actors 82. Today, States have the opportunity to address the problems in the architecture of the global financial and monetary systems that have been exposed by the crises. The weaknesses of a deregulated free market have been brought into sharp relief in recent years, and States should utilize this moment to meet the challenge of restructuring the global financial system so that it is more equitable and protects against economic shocks with the potential to devastate the lives of the most vulnerable. 83. The human rights framework obliges States to take measures to ensure that individuals under their jurisdiction are protected from infringements of their rights by third parties, and to take all available legal or policy measures to prevent third parties from violating economic, social and cultural rights. Accordingly, States should take immediate steps to regulate the actions of banking and financial sector entities under their control, in order to prevent them from violating or infringing upon human rights. 84. A human rights approach stipulates that legal and policy measures to strengthen the accountability and transparency of financial systems should be taken. In order for States to meet their duty to protect, the banking sector should be regulated to obligate banking institutions to serve the interests of society by, for example, ensuring access to credit without discrimination, especially those struggling under increased economic burdens. States should ensure adequate means of redress for those adversely affected by the actions taken by financial sector institutions, and adopt regulations that discourage harmful practices by providing for accountability mechanisms that penalize risky behaviours and prosecute perpetrators. 85. Enhancing regulation requires States to take collective action and to provide international assistance and cooperation (see paragraphs 94-99 below). It is critically important that States reach a consensus on regulatory actions to improve the functioning and transparency of financial commodity markets in order to curb financial speculation and excessive commodity price volatility, which directly affect the enjoyment of the right to food by those living in poverty. F. Strengthening State institutional and technical capacity 86. To address future crises in an effective and timely manner, ensuring that the most disadvantaged and vulnerable groups are protected, States should improve their technical and institutional capacity to develop evidence-based policymaking. Depending on the domestic circumstances of each country, this may include enhancing the capacity to mobilize fiscal space and improving research and analytical capabilities to identify and quantify the impact of economic shocks on the most vulnerable. 87. States should ensure that staff in key Government departments are trained and have the analytical skills to assess the human rights implications of their decisions. States should also put in place coordination mechanisms to ensure communication and information-sharing between Government departments on human rights-related issues. 19