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Regulatory Agency
A regulatory agency (regulatory body, regulator) or independent agency (independent regulatory agency) is a government agency, government authority that is responsible for exercising autonomous dominion over some area of human activity in a licensing and regulation, regulating capacity. These are customarily set up to strengthen safety and standards, and/or to protect consumers in markets where there is a Imperfect competition, lack of effective competition. Examples of regulatory agencies that enforce standards include the Food and Drug Administration in the United States and the Medicines and Healthcare products Regulatory Agency in the United Kingdom; and, in the case of Regulatory economics, economic regulation, the Office of Gas and Electricity Markets and the Telecom Regulatory Authority of India, Telecom Regulatory Authority in India. Legislative basis Regulatory agencies are generally a part of the executive (government), executive branch of the government and have stat ...
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Government Agency
A government or state agency, sometimes an appointed commission, is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an administration. There is a notable variety of agency types. Although usage differs, a government agency is normally distinct both from a department or ministry, and other types of public body established by government. The functions of an agency are normally executive in character since different types of organizations (''such as commissions'') are most often constituted in an advisory role—this distinction is often blurred in practice however, it is not allowed. A government agency may be established by either a national government or a state government within a federal system. Agencies can be established by legislation or by executive powers. The autonomy, independence, and accountability of government agencies also vary widely. History Early ex ...
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Regulatory Law
Regulatory law refers to secondary legislation, including regulations, promulgated by an executive branch agency under a delegation from a legislature. It contrasts with statutory law promulgated by the legislative branch, and common law or case law promulgated by the judicial branch. Regulatory law also refersA. I. Ogus"Regulatory Law: Some Lessons from the Past" Legal Studies 12, no. 1 (March 1992): 1–19 to the law that governs conduct of administrative agencies (both promulgation of regulations, and adjudication of applications or disputes), and judicial review of agency decisions, usually called administrative law Administrative law is the division of law that governs the activities of executive branch agencies of government. Administrative law concerns executive branch rule making (executive branch rules are generally referred to as " regulations"), .... Administrative law is promulgated by the legislature (and refined by judicial common law) for ''governing'' agenc ...
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Bank Regulation
Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. As regulation focusing on key factors in the financial markets, it forms one of the three components of financial law, the other two being case law and self-regulating market practices. Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Another relevant example for the interconnectedness is that the law of financial industries or financial law focuses on the financial (banking), capital, and insurance markets. Supporters of such regulation often base their arguments on the "too big to fail" notion. This holds tha ...
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Rate-of-return Regulation
Rate-of-return regulation is a system for setting the prices charged by government-regulated monopolies, such as public utilities. Its main premise is that monopolies must charge the same price that would ideally prevail in a perfectly competitive market, equal to the efficient costs of production, plus a market-determined rate of return on capital. Rate-of-return regulation has been criticized because it encourages cost-padding and because if the rate is set too high, it encourages regulated firms to adopt capital-labor ratios that are too high. That is known as the Averch–Johnson effect, or simply "gold-plating." Under rate-of-return regulation, regulated monopolies have no incentive to minimize their capital purchases, since prices are set equal to their costs of production. Rate-of-return regulation was dominant in the US for a number of years in the government regulation of utility companies and other natural monopolies. Such companies, if not regulated, could easily charge ...
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Price-cap Regulation
Price-cap regulation is a form of regulation. Designed in the 1980s by UK Treasury economist Stephen Littlechild, it has been applied to all privatized British network utilities. It is contrasted with both rate-of-return regulation, with utilities being permitted a set rate of return on capital, and with revenue-cap regulation, with total revenue being the regulated variable. Price cap regulation adjusts the operator's prices according to the price cap index that reflects the overall rate of inflation in the economy, the ability of the operator to gain efficiencies relative to the average firm in the economy, and the inflation in the operator's input prices relative to the average firm in the economy. Revenue cap regulation attempts to do the same thing but for revenue, rather than prices.Body of Knowledge ...
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Economic Regulation
Regulatory economics is the economics of regulation. It is the application of law by government or regulatory agencies for various purposes, including remedying market failure, protecting the environment and economic management. Regulation Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. Conflict can occur between public services and commercial procedures (e.g. maximizing profit), the interests of the people using these services (see market failure), and also the interests of those not directly involved in transactions (externalities). Most governments, therefore, have some form of control or regulation to manage these possible conflicts. The ideal goal of economic regulation is to ensure the delivery of a safe and appropriate service, while not discouraging the effective functioning and development of businesses. For example, in most countries, regulation control ...
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Public Utility
A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and regulation ranging from local community-based groups to statewide government monopolies. Public utilities are meant to supply goods/services that are considered essential; water, gas, electricity, telephone, and other communication systems represent much of the public utility market. The transmission lines used in the transportation of electricity, or natural gas pipelines, have natural monopoly characteristics. If the infrastructure already exists in a given area, minimal benefit is gained through competing. In other words, these industries are characterized by ''economies of scale'' in production. There are many different types of public utilities. Some, especially large companies, offer multiple products, such as electricity and na ...
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Competition Law
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law (or just antitrust), anti-monopoly law, and trade practices law. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the 20th century, competition law has become global. The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law. National and regional competition authorities across the world have formed international support and enforcement networks. Modern competition law has historically evolved on a national level to promote and maintain fair competition in markets principally within the territorial boun ...
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Competition Regulator
A competition regulator is the institution that oversees the functioning of the markets. And the Law in which it takes cognizance of situations having any type of impediments and distortions on the markets and correct them is the competition law (also known as antitrust law). In general it is a government agency, typically a statutory authority, sometimes called an economic regulator, that regulates and enforces competition laws and may sometimes also enforce consumer protection laws. In addition to such agencies, there is often another body responsible for formulating competition policy. Many nations implement competition laws, and there is general agreement on acceptable standards of behaviour. The degree to which countries enforce their competition policy varies substantially. Competition regulators may also regulate certain aspects of mergers and acquisitions and business alliances and regulate or prohibit cartels and monopolies. Other government agencies may have respo ...
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Fine (penalty)
A fine or mulct (the latter synonym typically used in civil law) is a penalty of money that a court of law or other authority decides has to be paid as punishment for a crime or other offense. The amount of a fine can be determined case by case, but it is often announced in advance. The most usual use of the term is for financial punishments for the commission of crimes, especially minor crimes, or as the settlement of a claim. One common example of a fine is money paid for violations of traffic laws. Currently in English common law, relatively small fines are used either in place of or alongside community service orders for low-level criminal offences. Larger fines are also given independently or alongside shorter prison sentences when the judge or magistrate considers a considerable amount of retribution is necessary, but there is unlikely to be significant danger to the public. For instance, fraud is often punished by very large fines since fraudsters are typica ...
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Decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usually, ...
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License
A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreement between those parties. In the case of a license issued by a government, the license is obtained by applying for it. In the case of a private party, it is by a specific agreement, usually in writing (such as a lease or other contract). The simplest definition is "A license is a promise not to sue," because a license usually either permits the licensed party to engage in an activity which is illegal, and subject to prosecution, without the license (e.g. fishing, driving an automobile, or operating a broadcast radio or television station), or it permits the licensed party to do something that would violate the rights of the licensing party (e.g. make copies of a copyrighted work), which, without the license, the licensed party could be ...
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