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.