Enough financial institutions complained about guidance issued by federal regulators post-Enron in connection with conducting risky transactions, that the agencies have softened their recommendations somewhat, The Wall Street Journal reports. Two years ago, regulators released a non-binding advisory calling on financial institutions that assist in structuring complex transactions to perform extensive reviews of the deals to determine whether they have “a legitimate purpose.” The advisory generated more than 36 complaint letters from financial institutions, which charged that such strict reviews of internal control and risk-management procedures would infringe on their ability to engage in even less-risky transactions. Regulators apparently got the message; they have revised their guidance, softening the language, making it more suggestive than urgent, the Journal reports. For example, the advisory originally stated banks should conduct extensive reviews of deals. Now banks “may determine” whether such deals need review. The proposed changes, which are open to public comment until June 15, have raised the ire of a group of law professors, who say the lighter language is “a mistake” because it could be interpreted in a way that encourages and condones illegal acts.