Statutory regulations are laws and rules that have been created and enforced by a government agency or legislative body. These regulations are authorized by a specific statute or law, and they have the force of law. Statutory regulations can cover a wide range of topics, including environmental protection, workplace safety, consumer protection, and financial regulation.
They are typically created to protect the public interest or to ensure fair and equitable treatment of individuals and businesses. Statutory regulations are enforced through various means, such as fines, legal action, or revocation of licenses or permits. They are often subject to review and revision as circumstances change or new information becomes available.
According to the World Bank, as of 2021, 88% of countries have environmental laws, and 61% have established environmental quality standards. In the United States, the Environmental Protection Agency (EPA) has issued over 400 regulations since its establishment in 1970. Examples of statutory regulations include the Occupational Safety and Health Act (OSHA) in the United States, the European Union’s General Data Protection Regulation (GDPR), and the Food and Drug Regulations in Canada.
SOX (Sarbanes-Oxley Act): This is a United States federal law that sets requirements for public companies and accounting firms to improve financial reporting and prevent fraudulent practices. SOX compliance requires companies to establish internal controls, including financial reporting and disclosure processes, and to conduct regular audits to ensure compliance.
GDPR (General Data Protection Regulation): This is a regulation established by the European Union to protect the personal data and privacy of EU citizens. GDPR compliance requires companies to obtain consent from individuals to collect and use their data, establish data security measures, and report data breaches.
SFDA (Saudi Food and Drug Authority): This is the regulatory agency responsible for overseeing food and drug safety in Saudi Arabia. SFDA compliance requires companies to meet strict standards for product safety and quality for obtaining SFDA approval before distributing food and drugs in the country.
PDPL (Personal Data Protection Law): This is a law established by the government of UAE to protect the personal data of UAE citizens. PDPL compliance requires companies to obtain consent from individuals to collect and use their data, establish data security measures, and report data breaches. READ THE ENTIRE BLOG BY CLICKING HERE!