The financial markets are Dynamic Business is Proactive But Regulators are Reactive not “ Proactive The System of Regulation and Enforcement can never be completely Flexible and dynamic Importance of Fiduciary ResponsibilityThe Financial Markets are Dynamic • Business is “Proactive” • But Regulators are “Reactive” not “Proactive • The System of Regulation and Enforcement can never be completely Flexible and Dynamic • Importance of Fiduciary Responsibility