The Securities Industry and Financial Markets Association (SIFMA) has commended the UK Financial Services Authority (FSA) for its recent paper “Principles-Based Regulation: Focusing On Outcomes That Matter.”
SIFMA has called for financial services regulators world-wide to promote a pragmatic, principles-based approach to regulatory requirements.
“Technology, innovation and globalization have transformed capital markets,” said Karsten Moller, senior managing director and head of SIFMA for Europe and Asia. “Focusing on outcomes rather than processes is the best possible way of ensuring that regulation works with the grain of dynamic and innovative capital markets.”
Marc Lackritz, SIFMA’s president and CEO, added: “Our global marketplace needs healthier, principles-based regulation that eliminates redundancy and duplication and makes it easier to harmonize our divergent regulatory landscapes globally.”