Away from the Lamppost: Culture, Conduct and the Effectiveness of Prudential Regulation
As a principles-based regulator, we endeavour to set high-level principles and allow flexibility in how financial institutions meet those expectations. This holds the promise of maximizing the effectiveness of prudential regulation (which is one of our goals), while minimizing the costs of complying with those expectations (which is good for financial institutions, and arguably for the economy as a whole).
Remarks by Superintendent Jeremy Rudin to the C.D. Howe Institute, Toronto, Ontario, June 17, 2015