금융시장의 규제변화 : 원칙중심규제의 도입 가능성
The Paradigm Shift of Regulations on the financial markets possibility of introducing Principles -based regulation -
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Principles-based regulation means moving away from dictating through detailed, prescriptive rules and supervisory actions how firms should operate their business(so-called 'rule-based regulation'). Financial markets are constantly changing. Continuous innovation and new product development are important ways in which the financial services industry generates benefits for consumers and markets. It is important that regulation can respond rapidly to the pace of change in markets and so allow them to continue to develop for the benefit of their users. I believe regulation that focuses on outcomes rather than prescription is more likely to support this development and innovation. Any set prescriptive rules is unable to address changing markets circumstances and practices at all times, and it inevitably delays, and in some instances prevents, innovation. In quickly changing marketplace, principles are far more durable. Principles-based regulation means placing greater reliance on principles and outcome-focused, high-level rules as a means to drive at the regulatory aims we want to achieve, and less reliance on prescriptive rules. I believe that, in many circumstance, the economic and business interests of firms' senior management and their Boards and shareholders can be aligned more effectively with our regulatory goals through a principles-based approach. And I believe that this regulatory approach will result in an industry that deals with regulatory issues in a more effective and efficient way.
Abstract
Principles-based regulation means moving away from dictating through detailed, prescriptive rules and supervisory actions how firms should operate their business(so-called 'rule-based regulation'). Financial markets are constantly changing. Continuous innovation and new product development are important ways in which the financial services industry generates benefits for consumers and markets. It is important that regulation can respond rapidly to the pace of change in markets and so allow them to continue to develop for the benefit of their users. I believe regulation that focuses on outcomes rather than prescription is more likely to support this development and innovation. Any set prescriptive rules is unable to address changing markets circumstances and practices at all times, and it inevitably delays, and in some instances prevents, innovation. In quickly changing marketplace, principles are far more durable. Principles-based regulation means placing greater reliance on principles and outcome-focused, high-level rules as a means to drive at the regulatory aims we want to achieve, and less reliance on prescriptive rules. I believe that, in many circumstance, the economic and business interests of firms' senior management and their Boards and shareholders can be aligned more effectively with our regulatory goals through a principles-based approach. And I believe that this regulatory approach will result in an industry that deals with regulatory issues in a more effective and efficient way.
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