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Keeping It Simple

You know that big sign with all of the rules at the swimming pool?

Read through them quickly, and you’ve got it. There is no need to commit them to memory when you’ve got a clear understanding.

The writers of those swimming pool rules seem to know something that legislators and regulators must have missed. If rules are to be effective, they must be clear.

And Dodd-Frank is still unclear to the financial services industry, according to Sybase product marketing director (and fellow T&R blogger) Neil McGovern.

He recently addressed regulation as a panelist on a Webinar hosted by Inside Reference Data. This ambiguity is understandably aggravating to many in the industry, some of whom are waiting for clarity before proceeding with projects.

Who can blame them? Dodd-Frank requires regulators to generate about 250 new rules.

And each of them is likely to be far more complex than “No Jumping or Diving.”

Oh, and the law’s full name is the Dodd-Frank Wall Street Reform and Consumer Protection Act, but I doubt most people commit even that to memory.

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5 Comments

  1. MarketGuru says:

    It makes you wonder if regulators read the stuff before passing it.

    Remember when Nancy Pelosi said of the health care bill: You have “to pass the bill so you can find out what’s in it.”

  2. Xylene2301 says:

    Is wall street the tail or the dog?
    Without regulation wall street will wag the country until there’s nothing left.

  3. mark says:

    Great job relating the financial industry to the simple act of swimming… though swimming rules would get complicated if Moody’s gave a ten ft depth rating to the three feet of water you were about to jump into.

  4. MarketGuru says:

    Mark: Your comment wins. HA!

  5. Cliff says:

    This would be a great analogy if the financial services industry simply wanted us to have fun, not drown, and not drown others. It also might fit better if pool advertisements implied that people could breathe underwater. It sounds like you want us to feel sorry for the poor little banks.

    Unfortunately, a glance at some of the rules in their own T&Cs reveals that Simplicity In Legalese is not something that is being pried from the desperate clutches of the banks.

    The financial industry thrives on cryptic rules and regulations, so I can’t believe they’re truly puzzled – I’d be more apt to believe a concerted effort to chip away at the bill, word by word. And if they’re really, really left scratching their heads because of DF, I really can’t feel sorry for them.

    Yes, if you want to sell people their own money, you’re going to have to adhere to rules. And, sorry billionaires, those rules are going to be as complex as the problem you created by ignoring the simple rules of economic morality and common decency.

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