In a similar vein, I will repeat a point that I have made a number of times in the past. One of our most central aims in drafting the Code is for it to be principles-based rather than rulesbased.
There are a number of reasons why this is so, but for me, an important reason is that the more prescriptive the Code is, the easier it is to get around. 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.