Final answer:
The Hayne Royal Commission was established in 2017 to address misconduct in Australia's financial sector, reflecting a global concern with financial regulation, as exemplified by regulatory challenges in the United States.
Step-by-step explanation:
The Hayne Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry was established in 2017. This inquiry was spurred by public concern over widespread misconduct in the financial sector, an issue that is not unique to Australia. For example, in the United States, despite regulations established in the 1990s to mandate transparency and prompt action by bank supervisors, the 2008-2009 recession revealed significant regulatory failures, with valid questions raised about why earlier intervention did not occur before such extensive losses built up.