regulation

is a binding legal norm created by a state organ that intends to shape the conduct of individuals and firms.

So what does regulation mean' We return to the starting point the intuitive understanding of the word 'regulation': government intervention in the private domain or a legal rule that implements such intervention. The implementing rule is a binding legal norm created by a state organ that intends to shape the conduct of individuals and firms.22 The state organ, the regulator, may be any legislative, executive, administrative, or judicial body that has the legal power to create a binding legal norm.

David P. BaronThinkers

David P. Baron