I think the point is more that the past cost overrund are due to _changing_ regulation, not necessarily the regulation themselves. It's like a software client

I think the point is more that the past cost overrund are due to _changing_ regulation, not necessarily the regulation themselves. It's like a software client changes requirements a year into a 2 year project and suddenly you need to rearchitect the whole thing, essentially starting again. Following regulations is costly, but following changing regulations throughout a project lifecycle is _very expensive_.