OFR & University of Michigan: Panel 5 - What Are the Emerging Risks in the Financial System and How Might Activities-Based Macroprudential Regulation Address Them? (Day 2) Nov 16, 2018 1:21:19 Traditional microprudential regulation is firm-based, by definition. But macroprudential regulation is not necessarily activities-based, nor is activities-based regulation necessarily macroprudential.