What are regulatory authorities and what do they do?
Regulatory authorities are government agencies responsible for overseeing and enforcing laws and regulations in specific sectors.
Can you give me examples of regulatory authorities?
Sure! Examples include the FDA for food and drug safety, the SEC for securities regulation, and the EPA for environmental protection.
How do these authorities impact businesses?
They ensure compliance with laws, which can affect how businesses operate, their costs, and their market strategies.
What happens if a business violates regulations?
Violations can lead to fines, legal action, and even the revocation of licenses, depending on the severity of the breach.
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