Legal and Regulatory Frameworks

Definition updated on November 2023

What are legal and regulatory frameworks?

An industry, sector, or jurisdiction is governed by a system of laws, rules, and regulations, or a legal and regulatory framework. These frameworks offer a structure and instructions for people, groups, and governments to function within a legal framework and guarantee adherence to relevant regulations and standards. Laws passed and upheld by legislative bodies, such as constitutions, statutes, and codes, provide legal frameworks. Legal frameworks serve as a foundation for settling conflicts, supporting the rule of law, enforcing contracts, and safeguarding property rights. Regulatory frameworks, on the other hand, are intended to supervise and monitor the operations of specific industries or sectors.

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