What is Regulation?
a: an authoritative rule dealing with details or procedure - Safety regulations
A Regulation is an official rule. In the Government, certain administrative agencies have a narrow authority to control conduct, within their areas of responsibility. These agencies have been delegated legislative power to create and apply the rules, or "regulations". Derived from "regulate". - LII.
Regulation is broadly defined as imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic behaviour of individuals and firms in the private sector. Various regulatory instruments or targets exist. Prices, output, rate of return (in the form of profits, margins or commissions), disclosure of information, standards and ownership ceilings are among those frequently used. - OECD.
What is Regulatory Policy?
Regulatory policy is formulated by governments to impose controls and restrictions on certain specific activities or behavior. Regulation is not only about rules of governing but also a concept in governance. In the discussion of the rise of “regulatory states” and “regulatory governance” in recent decades, the role of governments has shifted significantly from its positive functions in society to the growing use of regulation and monitoring to direct the state. Both state and non-state actors have been engaged in the control of social and economic practices. Concerns about regulation can sometimes be contradictory. On the one hand, regulation has been regarded as barriers to and constraints on a competitive market and business environment. On the other hand, there is a genuine need to regulate risks in a “risk society” and situations of market failure. - source.
- Regulations.gov.
- Brooking: Regulatory Policy.
- Oxford: State Regulatory Policy.
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- From the New York Times: Pressured by Biden, A.I. Companies Agree to Guardrails on New Tools.
