Chapter summaryThe Regulatory FrameworkNeed for regulatory framework .To act as a central source of reference.Designate a system of enforcement to ensure consistencyPrinciples vs Rules.Principles=guidance.Rules=specificAdvantages.Single framework ensuring consistency across standards.Principles avoid requirement of excessive detail in standards.Rules con be broken and loopholes foundDisadvantages.Practices may change leading to outdated principles.Principles may be overly flexible