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Three-tier Approach

Definition of 'Three-tier Approach'

System devised by SIB to be more flexible than the original regulatory framework. It comprises 10 general principles as Tier 1, 40 core rules as Tier 2 and detailed rules and codes of conduct written by individual SROs as Tier 3. This System ceased in November 1994 with the de–designations of Tier 2 rules.

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