Regulations should seek to make the financial system safer, but flexible enough to fulfil its function as a driver of economic development while being adaptable to new paradigms, namely to those resulting from technological innovation. Society’s preferences in terms of financial security are not always consistent with the economy’s financing needs or risks arising from innovation.
In line with the Code, the paper emphasises that, where it is used, last look is only for the price and validity check and not for other purposes. To minimise the uncertainty for the client, this price and validity check should be applied without delay. Also, information about trade rejections should be accurately recorded so that it can be shared with clients.