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Jul 5, 2023 · The choice between rules and principles is not unique to the debate on how to regulate digital markets. To the contrary, it is a key factor that defines any regulatory approach. A recent panel discussion at the International Institution of Communications titled ‘ From rules-setting to principles-based regulation: what are the challenges and ...
Sep 10, 2023 · The question of whether financial sector regulation should be Principle-based or Rule-based has consistently sparked intense discussions worldwide. This debate is especially prevalent when it ...
Jan 4, 2023 · This means principles based regulation requires a longer implementation period and costs firms more to implement; costs that are likely to be passed to consumers. The implementation process also increases interpretation risk, which regulators have tried to address via guidance, informal guidance (such as speeches) and post-implementation reviews.
An overview of the different approaches is provided below, with a focus on outcomes-based regulation. 1. Rules-based regulation. Rules-based regulation is based on detailed rules that set out specific standards and requirements. This type of regulation is highly prescriptive, making clear what can and cannot be done.
1. Introduction. This paper examines the characteristics, and assesses the merits, of two general approaches for the achievement of regulatory objectives – what are termed in this paper as a rules-based regulatory (RBR) approach and a goals-based regulatory (GBR) approach.
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A principles-based approach does not imply unbridled regulation or an absence of rules. Principles-based regulation involves placing greater reliance on principles and outcome-focused, high-level rules as a means of achieving regulatory objectives, and less reliance on prescriptive rules.1. The ICAEW welcomes the Turner Review’s clear ...
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Jan 1, 2009 · Abstract. There is an ongoing debate in law and accounting about the relative merits of principle-based versus rule-based regulatory systems. In this paper we characterize what kind of reasoning ...
