These recommendations include: A Simple Due Diligence Disclosure Document, Management Attestation, Standardized Financial Reporting Requirement, and Consistent Regulation of Financial Intermediaries.

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Pillar 2 focuses on the governance and risk management systems, while the third pillar revolves around the disclosure of a firm?s financial condition.

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Acknowledging no "silver bullet" exists to prevent the past financial excesses from recurring, Paulson called for steps to be taken to ensure enhanced transparency, disclosure and risk management.

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