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A regulatory agency (regulatory body, regulator) or independent agency (independent regulatory agency) is a government authority that is responsible for exercising autonomous jurisdiction over some area of human activity in a licensing and regulating capacity.
Professional bodies represent the interests of their members by lobbying governments, and provide the framework for self-regulation where this is permitted by statute. Professional bodies are also responsible for administering training and examinations for students and members.
Professional degrees may be accredited by professional, statutory and regulatory bodies to ensure they meet the educational standards for professional licensure; a list of accrediting bodies recognized by the government is maintained by the Higher Education Statistics Agency. [32] [33]
The Professional Standards Authority for Health and Social Care (PSA), formerly the Council for Healthcare Regulatory Excellence (CHRE) and the Council for the Regulation of Health Care Professionals, oversees the ten statutory bodies that regulate health professionals in the United Kingdom and social care in England. [1]
Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency). [1]
A statutory authority may also be a body within a Commonwealth entity, exercising the powers given by Parliament but administratively part of the entity." [ 2 ] A statutory corporation is defined in the government glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a ...
Individuals' ability to receive state or local public benefits, which includes professional and commercial licensure, is dependent on their particular immigration status. Certain non-citizens may be barred from licensure based on their visa type or other immigration considerations. [7]
Regulators exercise regulatory or supervisory authority over a variety of endeavours. In addition, local authorities in the UK provide regulatory functions in a number of areas. Professional associations also act to regulate their memberships. The UK is also bound by a number of European and other trans-national regulators, not listed here.