Definition - What does Regulatory Agency mean?
A regulatory agency is a government agency or body that exercises authority over a certain domain of activities. These agencies may either be part of an arm of government or be independent agencies with statutory (legal) authority. Regulatory agencies enforce certain areas of legislation, create regulations and rules, and they are empowered to impose penalties for non-compliance. Independent regulatory agencies are required when the area they specialize in is particularly complicated and where there is a need for rapid response times, as well as the elimination of political interference.
Safeopedia explains Regulatory Agency
Workplace safety and environmental protection are among the areas where the complexity of the regulations and the need for speedy, non-political decision-making require independent agencies. In this context, the following regulatory agencies govern legal compliance:
- The Environmental Protection Agency (EPA): reduction and prevention of pollution
- The Federal Energy Regulatory Commission (FERC): pipeline transportation of oil and gas
- The Food and Drug Administration (FDA): labelling and safety of chemical products, radiation safety
- The Nuclear Regulatory Commission (NRC): nuclear and radiation safety regulations
- The Occupational Safety and Health Administration (OSHA): all other workplace safety regulations and requirements