The topic The difficulties experienced with traditional forms of economic regulation of airports involving direct control of prices have led to an interest in light-handed regulatory frameworks. Experience with light-handed regulation of airports is primarily confined to Australia and New Zealand. The paper examines the design features of light-handed regulation in Australia and New Zealand in relation to the stated objectives associated with the introduction of light-handed regulation. The paper identifies important aspects associated with the design of light-handed regulation including the incorporation of a credible threat of stronger regulation and the characteristics of this, and an apparent trade-off in objectives achieved with different approaches to light-handed regulation. The session is based on a paper written by Margaret and published in the Journal of Air Transport Management, 2014, Volume 38, July, pp. 27-35. Register here: https://esavic2015pd8.eventbrite.com.au The speaker Margaret Arblaster is an independent researcher on transport infrastructure regulation and a Teaching Fellow in the Institute of Transport Studies, Monash University.  Margaret has provided consulting advice to the Victorian Government and to the Australian Competition and Consumer Commission (ACCC). Margaret had 19 years of experience as a senior manager at the ACCC and the Prices Surveillance Authority, a predecessor organisation of the ACCC.