regulatory authority

Regulatory authority refers to the power or legal ability of a government body or organization to create, enforce, and oversee rules and standards within a specific industry or sector. These rules are designed to protect public interests, ensure safety, promote fair practices, and maintain order. Examples include environmental regulations, health and safety standards, and financial regulations. Regulatory authorities can issue licenses, conduct inspections, and impose penalties for non-compliance, ensuring that businesses operate within the law and uphold ethical practices.