A regulatory framework refers to the system of regulations and the means used to enforce them. They are usually established by governments and are intended to guide businesses and companies in their operations.
Imagine playing a board game without any rules - it would be chaos! The regulatory framework is like the rulebook for businesses; it tells them what they can and cannot do during their "game" of operation.
Legislation: Laws made by governing bodies that form part of a regulatory framework.
Compliance: Adherence to laws and regulations. In this context, compliance means following the rules set out in the regulatory framework.
Regulatory Agencies: Governmental bodies formed to enforce specific regulations on certain aspects of business operations.
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