It’s the many rules and regulations which are becoming ever more detailed and technically specialised, as well as the multilayered nature of regulation as a whole. Today, people still look back wistfully at the clear and simple Principle I, which set out capital requirements for Germany in a concise and straightforward manner.
Beyond the legal and regulatory frameworks, there are accounting, actuarial, and economic frameworks that support the management and assignment of various types of pension risk. And generally, Canada's legal and regulatory framework has served Canadian workers and employers well, certainly better than those in many other OECD nations. But there are some shortcomings in our frameworks today.