A regulatory agency (also regulatory authority, regulatory body or regulator) is a public authority or government agency responsible for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity. An independent regulatory agency is a regulatory agency that is independent from other branches or arms of the government.
Regulatory agencies deal in the area of administrative law—regulation or rulemaking (codifying and enforcing rules and regulations and imposing supervision or oversight for the benefit of the public at large). The existence of independent regulatory agencies is justified by the complexity of certain regulatory and supervisory tasks that require expertise, the need for rapid implementation of public authority in certain sectors, and the drawbacks of political interference. Some independent regulatory agencies perform investigations or audits, and some are authorized to fine the relevant parties and order certain measures.
Regulatory agencies are usually a part of the executive branch of the government, or they have statutory authority to perform their functions with oversight from the legislative branch. Their actions are generally open to legal review. Regulatory authorities are commonly set up to enforce standards and safety, or to oversee use of public goods and regulate commerce. Examples of regulatory agencies are the Interstate Commerce Commission and U.S. Food and Drug Administration in the United States, Ofcom in the United Kingdom, and the TRAI in India.
Other articles related to "regulatory agency, agency, regulatory":
... The regulatory agency Rwanda Utilities Regulatory Agency (RURA), created by law in 2001, is responsible for the economic regulation of the ... The purpose of the agency's water and sanitation department is to regulate in a way that promotes fair competition, sustainable and efficient use of water resources ensure better quality of services to ... In practice, according to the agency's annual reports up to 2004, it seems that the regulatory agency focused much of its activities in the water and sanitation sector on the supervision of the management ...
... The theory of regulatory capture, where interest groups with disproportionate amounts of power shape public policy, traces its roots back to the writings of Karl Marx ... For public choice theorists, regulatory capture occurs because groups or individuals with a high-stakes interest in the outcome of policy or regulatory decisions can ... Regulatory capture refers to the actions by interest groups when this imbalance of focused resources devoted to a particular policy outcome is successful at "capturing" influence with the staff or commission ...
... Third, the regulatory agency allowed the concessionaire to provide services at a lower standard in remote or isolated areas that were deemed unprofitable at conventional service standards ... Fourth, the provincial regulatory agency granted tariff increases before and even after the 2001 economic crisis ... For example, in February 2008 the regulatory agency initiated penal proceedings against the concessionaire because one of its wastewater treatment plants discharging to the ...
Famous quotes containing the word agency:
“It is possible that the telephone has been responsible for more business inefficiency than any other agency except laudanum.... In the old days when you wanted to get in touch with a man you wrote a note, sprinkled it with sand, and gave it to a man on horseback. It probably was delivered within half an hour, depending on how big a lunch the horse had had. But in these busy days of rush-rush-rush, it is sometimes a week before you can catch your man on the telephone.”
—Robert Benchley (18891945)