Engaging with regulators for any reason is never easy. During examinations, it feels akin to having a police officer poke through your underwear drawer with his or her baton.
For companies seeking to launch a new product or service, engaging with regulators can be a completely different kind of torture. It starts with the firm asking questions of regulators, like, “Do you think this idea runs afoul of current regulations? What if we changed it instead—so it does this or doesn’t do that?” Each question leads to more questions as every nuance is sorted out between your firm and the regulator with a seemingly endless stream of emails and paperwork. And lawyers. Lots of lawyers.
