Rules are easier to arbitrage than principles. If it’s not expressly prohibited or explicitly discouraged, then it must be okay seems to be the historical experience. Moreover, the more prescriptive and the more precise the Code, the less people will think about what they are doing.
If it’s principles-based and less prescriptive then, as I just said, market participants will have to think about whether their actions are consistent with the principles of the Code. So, we are working with the industry to produce a principles-based code rather than a set of prescriptive regulatory standards.