Introduction Australian regulators have a range of roles and powers. Some are independent government bodies, whereas others perform functions in addition to their regulatory roles, such as providing policy advice to government departments and formulating regulation. It is not uncommon for practitioners to have to work with regulators in the course of advising clients. Outlined in this Guidance Note are some practice tips for dealing with regulators in general as well as dealing with selected regulators – the Australian Prudential Regulation Authority (APRA), the Australian Securities & Investments Commission (ASIC) and the Office of the Australian Information Commissioner (OAIC). Dealing with regulators in general Compliance culture ASIC’s…
Costco Wholesale Corporation is an object for a variety of government regulations that are impacting the company’s business activities. As for a retail business, the recent increase of the regulation requires Costco Wholesale Corp. to follow them in order to avoid fines or restrictions. One of the recent laws, Trade Facilitation and Trade Enforcement Act signed in February 2016, puts a strict regulation on the import of goods in the U.S. that are produced with the help of the forced labor thus…
“Economic regulation is defined as a type of government regulation that sets prices or conditions on entry of firms into an industry. Economic regulation also includes the regulation of financial firms. Economic regulation is not the only type of government regulation, as the discussion of the environmental regulations”. (http://college.cengage.com/economics/taylor/econ/3e/micro/students/add_topics/ch12_econ_reg.html). For the time frame of 1865-1950 there have been several historical events…
and state laws and regulations. Timely review of the regulation is an important task that if not done well, can create unnecessary risk to the company. This paper will discuss the importance of reviewing new laws, the challenges of doing so, and an innovative new software to do this, called Auto-Comply. The Problem The insurance industry is a highly regulated business and is expected to comply with regulation from the federal government, various states department of insurance, contractor…
The agent-principal relationship is between Congress (the principal) and the independent Agency (the agent), as Posner argues: one is delegation of authority by legislatures to administrative agencies. As mentioned earlier, legislatures cannot continuously regulate a complex area; they must delegate much of the regulatory function either to courts or to administrative agencies. In the area of economic regulation the legislative choice has generally been the administrative agency rather than…
The subject of regulation has been a constant battle between the meat industry and government. Failure to protect the safety of meat leads to a decline in consumer confidence in that product. The rise in E. coli and salmonella outbreaks clearly shows the need for meat regulation to restore consumer confidence in the industry. There really is shit in the meat as stated by Eric Schlosser, author of Fast Food Nation. In 2011, statistics from the CDC supports Schlosser statement by reporting that 48…
The government has set many business regulations in place to assist and protect the public and hold corporations accountable for the decisions made. Many sectors of businesses complained about government regulations and their restrictive requirements. With these regulations in place companies have still posted large profits as the nation emerges from financial crisis. Many of the companies were assisted by government bailout and stimulus programs that paid back their loans. These statutory…
Zukina(2012) is also concerned with privacy in behavioral adverting. The article evaluates the FTC’s role and provides information about possible measures for regulation. A weakness against the article is there are a few statements that are unfounded. For example, Zukina believes behavioral advertising operates under the Network Advertising and Digital Advertising Alliance and not the FTC (Zukina, 2012, pg. 277). The Network Advertising Initiative and Digital Advertising Alliance have provided…
social bottom line is comprised of many factors, but the one of most concern in this case is the health and safety of consumers. As a company, 23andMe provides these tests and reports to help people – it says so directly in our mission statement. If we make decisions to the detriment of our consumers health and safety, we are failing as the company we strive to be. If the company continues to send out reports despite the risks, we are ignoring our mission, potentially harming consumers, opening…
system (White). “According to a recent report by Texans for Public Justice, the energy and natural resources industries were the number 1 financial contributors to non-judicial Texas politicians in 2014. 31 Texas senators received $1.7 million – an average of $56,000 each. 144 Texas representatives received $3.8 million – an average of $25,000 each” (White). However, Matt Rinaldi, a State Representative, declare against the misuse of the local control. In his article, he pointed that “local…