CISI Global Financial Compliance Practice Questions - CISI Global Financial Compliance (Investment Operations Certificate Unit) Exam

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Which of the following best describes a principles-based approach to financial regulation, as contrasted with a rules-based approach?

It sets high-level outcomes and expects firms to use judgement to achieve them It provides a detailed rulebook prescribing exactly how every situation must be handled It relies solely on industry self-regulation with no statutory backing It applies only to exchange-traded derivatives and not to OTC products

Correct Answer:

It sets high-level outcomes and expects firms to use judgement to achieve them

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