At the same time, fundamental principles of supervision and regulation must be applied, including sound credit standards and on-site examinations, to ensure the safety and soundness of the financial sector. Finally, regulators should implement antitrust policy in a manner that will ensure competitive prices and services as the financial sector evolves and consolidates.
If it’s principles-based and less prescriptive then market participants will have to think about whether their actions are consistent with the principles of the Code. But we have not written a procedures manual. Rather we have articulated principles that need to be taken into account. Individual firms may then take these principles and reflect them in their own procedures manuals.