Oct. 23, 2023
This proposed rule change is in line with outdated regulations that have not kept pace with changes in technology, business practices, etc. present several problems: They may no longer be serving their original intended purpose effectively as conditions have evolved. Following them ???? impose unnecessary or excessive compliance costs as companies have to adhere to antiquated rules. They ???? stifle innovation by prohibiting new technologies or business models that don't neatly fit old regulatory frameworks. Loopholes can emerge where new activities technically fall outside the scope of old regulations, creating risks. Can cause confusion and ambiguity when ancient rules conflict with modern practices. May disadvantage new entrants and smaller players compared to established incumbents who are used to old ways. Decreases respect for regulatory agencies and the rule of law when rules seem arbitrary or nonsensical. There are a few ways to improve this: Require periodic retrospective review of regulations to assess their current relevance. Streamline procedures for updating or removing obsolete regulations. Increase regulatory flexibility to accommodate innovation. Enhance involvement of stakeholders impacted by rules to point out outdated aspects. Keeping regulations modernized is an ongoing challenge. Failure to do so undermines the effectiveness of regulatory systems and compliance. Periodic updates to remove obsolete aspects should be built into the regulatory process. Sent with Proton Mail secure email.