SEC speeches are always entertaining. Last month, Roel Campos, SEC commissioner made a particularly entertaining speech (technically public remarks) concerning the principles vs rules based approach. The remarks focus on US vs UK securities regulations and how they are similar (some of our rules are really principles), and why they are different (retail investors sue easy?). He closes by talking about how the regulator's approach in London is used as a selling point for UK markets, and how that is a dangerous place to be, if in time the competitiveness of financial markets have a more direct effect on regulation.
http://www.sec.gov/news/speech/2007/spch061407rcc.htm
It's a fun Friday morning read. Wasn't there a time when SEC regulations were used as a selling point by US markets? If you securities regulation exist for positive reasons, couldn't they always be used as selling point?
Audit like a champion .... today.
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