Regulation refers to a set of rules, guidelines, or laws that are established by a governing body to govern behavior in a specific industry or sector. Regulations aim to shape an actor toward a particular aim, such as protecting the public interest, ensuring fair competition, and promoting safety, security, and ethical standards.
Regulations can take many forms, such as industry standards, codes of conduct, licensing requirements, and AI policies. Regulation can also involve oversight and enforcement mechanisms, such as inspections, audits, and penalties for non-compliance.
Typically, regulations are developed and enforced by government agencies or regulatory bodies, although they can also be self-regulatory or industry-led. The process of developing regulation usually involves consultation and engagement with key stakeholders to ensure that the regulation is effective, efficient, proportionate to, and appropriate for the intended purpose.