regulation

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Regulation

The set of rules and legislation governing certain actions. For example, the U.S. Tax Code and the rules the IRS publishes regulate federal taxation in the United States. In securities, regulations often require companies to disclose their actions to see to it that as much information as possible is publicly available. Other regulations govern business practices; for example they may set minimum or maximum wages and salaries, prohibit discrimination on certain grounds, and/or ban certain policies or practices deemed unfair for consumers or competitors. While nearly everyone agrees that some regulations are necessary, there is significant disagreement as to how many and what kind. Proponents of more regulation state that it ensures a fair market place and sustainable growth, while critics argue that many regulations do more harm than good.

regulation

the control of economic activities by the government or some other regulatory body, for example an industry trade association. Regulation can include PRICE CONTROLS to regulate inflation; FOREIGN EXCHANGE CONTROLS to regulate currency flows; and COMPETITION POLICY to regulate the operation of particular markets. More specific regulation may be imposed upon individual industries or activities, for example price control of denationalized industries (e.g. Oftel, which regulates telecommunication prices and Of gas which regulates gas prices in the UK); and the regulation of financial services by the BANK OF ENGLAND and the FINANCIAL SERVICES AUTHORITY. See DEREGULATION, RATE OF RETURN REGULATION.

regulation

the control of economic activities by the government or some other regulatory body, for example, an industry trade association. Regulation can include PRICE CONTROLS to regulate inflation, FOREIGN EXCHANGE CONTROLS to regulate currency flows, and COMPETITION POLICY to regulate the operation of particular markets. More specific regulation may be imposed upon individual industries or activities, for example, price control of privately owned PUBLIC UTILITIES (for example, Oftel, which regulates telecommunication prices in the UK), and the regulation of financial services by the BANK OF ENGLAND and the FINANCIAL SERVICES AUTHORITY.

There is a danger that regulators appointed to serve the interests of customers will instead serve the interests of the regulated firms (a so-called situation of‘regulatory capture’). This is particularly likely to occur when appointed regulators work with specific managers in regulated firms for a long time and are influenced by the public relations and lobbying activities of firms.

See DEREGULATION.