Implementation challenges can also arise in relation to what I see as a trade-off between the ex-ante desire for perfection and the ex-post effectiveness of new regulations. Let me give you two examples. We have had the Bank Recovery and Resolution Directive (BRRD) in Europe since 2014.
Management structure must be clear, and management must be held accountable to shareholders and the board for their actions and performance. Above all, the company must be transparent in its communications with its shareholders and stakeholders. This would include in particular the prompt reporting of full financial and risk information and the disclosure of the governance structure and governance performance of the company.