Regulations

Regulations:

Regulations if defined in lay man’s term are simply a system that manages, directs and controls the behavior of any entity within a certain area. Regulatory body which acts as a watch dog monitors the conduct of the entity. Regulations since its inception have affected everyone from companies to the consumer. Throughout history, the government has made changes by enforcing many regulations to have full control of the growth and power of the economy and to protect the consumers.

It is suggested that regulations should be made independent of anyone’s influence. We have seen that some regulations have contributed towards competition while some have hindered this approach. For this reason I would argue about the future of regulations according to international and philosophic perspective.

HISTORY:

The history of the world serves with lots of examples of regulations that took place. A few of them are listed below

1903 BERLIN CONFERENCE:-

Germany sponsored a seminar hosted in Berlin concerning wireless telegraphy to be used around the world. There were many areas of agreement and disagreement by the representatives of different countries. However the final decision came which made the government of the participative countries responsible for managing wireless telegraphy within its national boundaries.

1904 "ROOSEVELT BOARD"

In 1904, President Theodore Roosevelt selected a board, consisting of representatives from the various agencies, to prepare recommendations for the radio services. The Board proposed that handling of radio services should be given to the Navy department. Not only had that board also placed some restriction on radio services.

1905 “MOTORWAY ACT “, UNITED KINGDOM

The First Motor Car Act of Britain came into force on 1st January 1904. The government was the only regulatory body of automobile at that time. The act required that all cars be registered and carry a number plate, and all motorists to have a driving license.

1999 “TORONTO PORT AUTHORITY”, CANADA

The Toronto Port Authority was established on June 8, 1999. Toronto Port Authority (TPA) is a Port Authority responsible for all activities in the Port of Toronto, located in Toronto, Ontario, Canada, including the Toronto City Centre Airport. The TPA replaced the Toronto Harbour Commission, which had similar duties.

2002 “EMPLOYMENT REGULATION”, UNITED KINGDOM

In 2002, the government passed this regulation in order to reduce disruption to workplaces and to individuals' careers, and reduced burdens on the resources of all concerned-employers, employees and the state

PROBLEMS BY IMPOSING REGULATIONS

Regulations pose lot of problems as well. For such matter let us see some of the problems around the world.

1. America

In America, according to the nuclear regulations the nuclear waste should be placed underground as presently it is considered to be the safest option available. This means that currently that some of the underground projects might not take place like subways as nuclear waste would be buried underground and will pose the risk of general public exposure.

2. Singapore

In Singapore, the population is increasing and is demanding better telecom services. The Telecommunication Authority of Singapore has although placed regulations for players in the sector but these rules are creating problems for the quality of service because of limited infrastructure.

3. Kuwait

In Kuwait, the government has issued regulations for privatizing Kuwait Airways Company. Kuwaiti Pilots and Aviation Engineers Society have opposed these as the regulations were not good for national employees due to the shortage of rules that protect the rights of employees.

4. UAE

UAE is having some problems of signing free trade agreements with USA and EU because insurance company regulations in UAE are not up to the standard of the West.

FUTURE OUTLOOK

1. High demand for public protection:

As the world population is increasing at a rapid rate, more consumers would want public protection. Moreover the corporate frauds of Enron, WorldCom, BCCI Bank and many others will lead to the formation of more regulatory bodies’ world wide.

2. High public demand for fast, accessible service:

The challenging world of today has made people less patient as time is against them. As a result they would be requiring fast and universally accessible services. For that monitoring bodies will ensure that the companies would work in efficient manner.

3. Increased complexity of issues:

As the public is becoming more aware, knowledgeable, sensitive and sophisticated, there issues are bound to increase. Hence regulations in the future should be able to address their concerns.

DIFFERENT PERSPECTIVES

PEOPLE:

Many people have different views about regulations and its future. To get a picture of their thoughts let us examine some of them

1. J Steele

J Steele LLM graduate of Osgood Hall Law School and a member of Law society of upper Canada provides his point of view concerning the importance of regulations in the future. In his paper “The Regulation of International Trade in Cyberspace” he explains that e commerce and internet impacted the world trade. Both of them have opened a new gateway by which digital goods and services can be delivered from one part of the world to another.

Steele proposes that the participants who are in involved in the e-commerce transactions require legislation and regulations in order to increase their confidence and this will help address their concerns. But the main question is that how much regulations are needed to exploit the potential of e-commerce. He also says that regulations should be made by key players in the specific sector. In case of trade he suggests that WTO and OECD should make regulations.

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