How were financial regulatory frameworks designed?

Question $13$ options:

$1)$

Rigid, deliberate, and risk$-$averse

$2)$

Simple, easy to change, and vague

$3)$

The framework was never designed but organically composed with time and error

$4)$

Financial regulation does not exist

$5)$

Made to be used in a number of industries and with the ability to enact only the portions that have been deemed to be applicable by consumers