Quote:

Quote from a financial white paper. It was specific in nature, but can be applied universally.

"As such, the Commission has a responsibility to balance self-regulatory rules and needs while simultaneously promoting market innovation. One possible means of achieving this balance would be to use principles based rule making where possible and save the prescriptive rule promulgation for only the more difficult issues."

I would posit that there are very few cases where a prescriptive rules system would b more effective or efficient than a principles based one.