Regulatory bodies

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Regulatory bodies

Regulatory bodies HonsM. A EcoLL.

Regulatory bodies

In Pakistan, where the private sector has played a dominant role, except probably for the s, private sector activities have all along been regulated through various types of controls and regulations on entry and exit, prices, credit, foreign exchange, imports, investments, etc.

These regulations were imposed with a view to ensuring that private sector allocations were in accordance with the national priorities. However, the objectives were rarely realised and, in fact, these regulations have been responsible for red-tapism and corruption.

On the Regulatory bodies of government failure, privatisation and deregulation policies are being practiced almost everywhere in the hope that they would help in efficient allocation of resources and higher levels of productivity. Considerable regulatory reforms have also been affected in Pakistan over the last two decades.

Investment and import licensing have been withdrawn, most of the foreign exchange restrictions have been removed, capital market regulations have been simplified, price controls have been lifted, and interest rates have been deregulated.

However, there is considerable room for further regulatory reforms. Similarly, various public enterprises in the manufacturing and financial sectors have been privatised, telecommunication, airlines, and energy firms have been partially divested, and the government has an ambitious privatisation programme of divestiture in various other fields.

The main force behind the process of privatisation is the need to address the problems of mismanagement of resources, overstaffing, inappropriate and costly investments, poor quality of services, and heavy losses of various public enterprises.

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Privatisation policy is pursued in the hope that it will help in improving the levels of efficiency. However, experience with privatisation in Pakistan and elsewhere has been mixed.

While privatisation and deregulation in several advanced countries has brought down costs and improved services, the experience of many developing countries shows that the efficiency levels did not improve after divestiture where private sector indulged in monopolistic practices.

In Pakistan, privatisation of the banking sector seems to be a big success, but in most of the manufacturing industries the formation of cartels has led to higher prices by restricting output levels.

Privatisation in a competitive framework generally results in higher efficiency levels, but in the case of unregulated natural monopolies it is not necessarily so. However, if such industries are properly and effectively regulated, they would also show higher efficiency levels.

It needs to be underscored that access to information is the key factor for better regulation, but that is rather poor in developing countries. Why should governments have a regulatory policy? The emergence of regulatory policies to promote better regulation has been an important development for public governance in the OECD, and beyond, over the past thirty years.

What contribution can effective regulatory governance make to the public policy challenges which now face governments, such as unemployment, ageing populations and climate change?

How can regulatory policy help economies and societies find the path of sustainable growth? These questions need to be debated against a difficult backdrop. The effectiveness of regulatory policy has been put to a severe test with the financial crisis and recent environmental disasters.

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Businesses and citizens continue to complain about red tape, which holds back competitiveness and takes up the time of ordinary people.

Public services are also affected, when there is red tape inside government. In many countries, regulatory inflation continues to undermine the clarity of the law.Membership in SQA offers access to so many tools that make the job of the regulatory QA professional easier.

As an SQA member, you can Join Specialty Sections and have access to professionals in your areas of expertise for questions, mentoring, support and networking. Regulatory & representative bodies. Financial Services Board. The Financial Services Board (FSB) is an independent regulatory body established by statute to oversee the South African non-banking financial services industry in the public interest.

Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy Congressional Research Service Summary Financial regulatory policies are .

Start studying Regulatory Bodies. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A regulatory body is like a professional body but it is not a membership organisation and its primary activity is to protect the public.

Unlike professional bodies, it is established on the basis of legal mandate. REGULATIONS AND REGULATORY BODIES OF PAKISTAN (An analysis of regulatory framework) Authored by Mian Abid Qayyum Advocate B.A (Hons), M.A (Eco), LL.B, GCIP (Switzerland), LL.M (France) Introduction: In Pakistan, where the private sector has played a dominant role, except probably for the s, private sector activities have all along been regulated through various types of controls .

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