The article discusses how good regulatory governance is crucial for financial stability. It defines four key components of regulatory governance: independence, accountability, transparency, and integrity. The research evaluates the quality of regulatory governance in the financial system using the Financial Sector Assessment Programs. Banking supervisors are strong in independence, securities regulators excel in transparency, while insurance regulators are weak in all components. Overall, regulators need to improve their governance practices. The paper also addresses governance issues related to crisis management and suggests areas for further research.