Regulation is the administrative legislation that constitutes or constrains rights and allocates responsibilities.
Regulations historically existed in the forms of norms, customs and privileges, religion and a sense of honour was present and was the lynch pin in the formation of contracts. Regulations have existed for as long as governments have interfered in private actions.
The formation of regulatory bodies was to oversee business to prevent injustice and inefficiency. Greed, curiosity, the misuse of data is just some of the elements in the breakdown of control in the case of some businesses. Regulatory bodies are to be found in most walks of life, they provide collective action for the good of the people.
Regulatory work affects almost every aspect of professional and industrial work. Its increasing importance reflects the European context in which we now operate, and the government’s insistence that professions and businesses regulate themselves.
Business regulation, including corporate governance and compliance affects all of us both directly and indirectly. There is a wealth of regulation in this country, rules and regulations are to be seen everywhere, we all have to adhere them, driving on the roads, travelling by rail, health and safety at work to name just a few
Corporate compliance is the goal that corporations or public agencies aspire to in their efforts to ensure that personnel are aware of, and take steps to comply with, the relevant laws and regulations. Different bodies police various areas. All organisations need to be aware of the Data Protection Act 1998 and the public should be aware of the Freedom of Information Act 2000. There is also a Combined Code issued by the London Stock Exchange, which imposes personal responsibility on corporate top management for the accuracy of reported financial statements.
Whilst companies struggle to implement Health and Safety standards because of the increasing complexity of safeguarding regulations, compensation claims continue to rise. Health and Safety is a cross-disciplinary area with a wide reach. To breach regulations in this area can lead to criminal prosecution, hefty fines and in some cases a prison sentence.
Lawyers work in Business regulation including corporate governance and compliance. This is particularly important in the context of corporate manslaughter and bribery and corruption…
Always seek advice on legal aspects of Health and Safety. Regulatory work is a particular strength, you will find barristers who often deal with proceedings when they are brought, and barristers are also experienced in giving proactive preventative advice to business.