A group working to modernize New York's financial regulatory system will be following a proposal for changes first put forward by New York's insurance superintendent, officials said.
Their comments came at a briefing Friday after the first formal session of the New York Commission to Modernize the Regulation of Financial Services. The group, it was explained, held discussions to convert all financial services industry sectors from regulation based on specific rules to one guided by basic principles.
The 20 principles that would guide the regulation of the industry--10 for licensees and 10 for regulators--are the same as those released in a draft regulation by New York Insurance Superintendent Eric Dinallo in November 2007.
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