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Enforcement is the proper execution of the process of ensuring compliance with laws, regulations, rules, standards, and social norms. [1] Governments attempt to effectuate successful implementation of policies by enforcing laws and regulations. [2] Enactment refers to application of a law or regulation, or carrying out of an executive or ...
undertake enforcement action, such as directing the regulated company to comply through orders, imposing financial penalties and/or revoking its license to operate; or refer the regulated company to a competition authority , in instances where it may have breached competition law , or prosecute the company (via civil courts).
Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds [1]), self-regulation in psychology, social regulation (e.g. norms), co-regulation, third-party regulation, certification, accreditation or market regulation.
Administrative law is a division of law governing the activities of executive branch agencies of government. Administrative law includes executive branch rule making (executive branch rules are generally referred to as "regulations"), adjudication, and the enforcement of laws. Administrative law is considered a branch of public law.
A common definition of compliance is:'Observance of external (international and national) laws and regulations, as well as internal norms and procedures, to protect the integrity of the organization, its management and employees with the aim of preventing and controlling risks and the possible damage resulting from these compliance and ...
Supervisory activities involve on-site inspection of the bank's records, operations and processes or evaluation of the reports submitted by the bank. [3] Arguably the most important requirement in bank regulation that supervisors must enforce is maintaining capital requirements .
One of the key issues is the expense of enforcement, especially when a complex system of rules has been developed. There are also problems of scope. Critics of CAC often point to incentive-based regulation as an alternative with terms used such as smart regulation, management-based regulation, responsive regulation and meta-regulation.
The term regulatory state refers to the expansion in the use of rulemaking, monitoring and enforcement techniques and institutions by the state and to a parallel change in the way its positive or negative functions in society are being carried out. [1] The expansion of the state nowadays is generally via regulation and less via taxing and ...