A function of regulatory agencies is to ensure that customers are protected from things like overpricing, harsh pollutants, and other issues that can diminish the overall quality of life within a society.
Further Explanations:
A Regulatory Agency is a private or administrative agency accountable for exercising authority over some areas of human commotion in a supervisory capacity. As a Self-governing Regulatory Agency, it is independent from any of the branch of the administration. The authorities are mostly set up to enforce criteria and safety to safeguard any consumer in the market in case of lack of effective competition. They are also part of the executive branch of Government and also exercise the power to have statutory supremacy against the legislative branch. The agency interferes in the matters regarding framing of regulatory law, administrative law, and Secondary legislation.
Examples of Regulatory agencies can be taken as the “Food and Drug Administration” of America, “Medicine, and Healthcare Product regulatory agency” of Britain and ‘Telecom Regulatory Authority” of India.
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Answer Details
Grade: High School
Subject: History
Chapter: Regulatory Agency
Keywords:
regulatory agency, private, administrative, private or administrative, Self-governing Regulatory Agency, Self-governing Regulatory Agency, safeguard ,consumer, executive branch, regulatory law, administrative law, Secondary legislation
