Regulatory data

Regulatory data
See also

Regulatory data are an information package that must be given by a company to regulatory institutions.

The basic issue is a fact that governments are taking care of the commonly used economic activity[1]. The whole should be in accordance with the correct practices and requirements of the business entity. Regulatory data are could be covered by general legal regulations. Sometimes regulations should be changed so the State can create regulatory reform, a better solution must be provided and outvoted. The government can affect on Regulatory Institutions trough direct changes by law. "Regulatory agencies around the world face an enormous challange in the environmental managment"[2].

General data protection

The General Data Protection Regulation (GDPR) in the European Union has fundamental rights that are directly related to the EU Charter of Fundamental Rights. EU Charter informs citizens that they have rights to protection of their data. The EU regulation regarding personal data imposes an obligation on public institutions to process personal data correctly.

The main reason for creating the system was standardization of proceedings about data protection at various levels of processing. Unification of the system was necessary for the correct regulation of data that is commonly used.

General Data Protection is headed by independent Data Protection Officer in the European Commission who is responsible for reporting and controlling the correct flow of information. The European Union prepares society of different countries and creates institutions that provide data to Data Protection Officer.

Regulatory agencies

In most countries, independent institutions are set up that oversee the operation of companies in accordance with the guidelines, they are called agencies.Governments have regulations that are used by relevant institutions. One of the examples of regulations is the environment and market in the United States. This is a specific area of the economy. All agencies are independent of the political.

The market could be changed by governments, it helps companies but sometimes it could be a worse situation. Nowadays we have different types of Federal Regulatory Agencies that comply with the law. They have to take responsibility for their regulatory decisions. Below, on the example of the United States are listed universal, independent institutions that constitute regulatory data for institutions that are subject to them.

Among others[3]:

  1. Environmental Protection Agency (EPA) environment regulatory agencies are able to impose financial penalties.
  2. The Federal Deposit Insurance Corporation (FDIC) is taking care to ensure consumers' deposits. The agency helps to maintain the country's financial liquidity, this provides greater certainty for banks.
  3. Food and Drug Administration (FDA) is an agency that supports public health. The agency is taking care of the delivery, origin of a country's food and security of human and veterinary drugs.
  4. Federal Energy Regulatory Commission (FERC) is taking care of electric power, natural gas, and renewable sources.
  5. Securites and Exchange Commission (SEC) is proposing securities rules a regulating activity of industries

Footnotes

  1. Quirk P.J.,(2014)
  2. Ramamoorthy S., Baddaloo E., (1991), (p.279)
  3. Professor Berger J.M., Professor Edles G.J., (2015)

References

Author: Kacper Chmarzyński