As in the United Kingdom, a principles-based approach is not inconsistent with the use of rules, which can provide needed clarity or a safe haven from legal and regulatory risks. However, rules should implement principles rather than develop in an ad hoc manner.
Admittedly, a fully consistent regulatory framework that focuses on the most significant threats to public policy objectives is an ideal that may never be fully realized, either here or abroad. However, determined efforts to work toward such a regime could provide substantial economic and social benefits. BIS Review 49/2007  5