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Lackritz backs principles-based regs

By Dina Hampton

May 17, 2007 2:55 pm ET

Marc Lackritz, CEO of SIFMA testified before the Senate in a hearing regarding the proposed merger of NASD and the regulatory functions of the NYSE.

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"A principles-based approach to regulation involves a regulator moving away, where possible, from dictating how a firm should reach a desired regulatory outcome, said Mr. Lackritz, testifying in front of the Senate Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investments.

“This approach considers first whether firms, supplemented by guidance as appropriate, could assume the responsibility to achieve the desired outcomes in the context of their business processes and existing supervisory obligations,” said Lackritz in is oral testimony.

"We suggest that a paradigm whose foundation is more clearly based on principles and the achievement of outcomes tied to those principles may better serve investors, the markets and its constituents,” he added.

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