Regulatory policy today is still grounded in principles and tools designed a few decades ago, but the context has changed significantly. To determine whether the current framework can help countries meet the challenges of contemporary societies, the OECD launched the Regulatory Policy 2.0 project. This report sets out the results from the second phase of the project, which included an exercise to map beliefs around better regulation. The exercise, involving government officials and regulatory experts, has identified four internally coherent belief systems about what better regulation is today, which core aims it should have, and where it should go in the future. Based on this analysis, the report provides empirical evidence and implications for the future direction of regulatory policy.