Definition
An institution's regulatory position is the current state of what it does, which environments it sits in, what its activity depends on, and what must remain true for that to hold.
In short
An institution's regulatory position is the current state of what it does, which environments it sits in, what its activity depends on, and what must remain true for that to hold.
Position is a state, not a document. It changes when the institution changes and when the environment changes, and it is the thing a Regulatory Delta measures movement in.
Stating a position honestly includes stating its dependencies: the permissions of others, the behaviour of partners, and the assumptions that have not been tested.
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