22. No regulator shopping
Call it the principle of conservation of regulation. You shouldn't be able to sell insurance and be exempt from insurance regulations just because you also own a savings and loan. And the same should be true for any financial activity. Setting up shell companies and special-purpose thingamajigs should have no effect on the restrictions placed on actual economic activity. In physics it may be nearly impossible to follow the momentum of every particle in a complicated sequence of interactions. But every interaction obeys the principle of conservation of momentum, and concatenating momentum-conserving processes conserves momentum, so the total momentum remains the same. Likewise firms should be free to make a wide range of structural changes, but they should consist of elements that keep every regulation in effect that was in effect before the change.