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''“Ich bin ein Regulierungsanwalt”'' | {{g}}''“Ich bin ein Regulierungsanwalt”'' | ||
::—John Fitzgerald Kennedy, during the {{tag|EMIR}} compulsory margin era. | ::—John Fitzgerald Kennedy, during the {{tag|EMIR}} compulsory margin era. | ||
''“We are all [[mediocre lawyer|Regulatory Lawyers]] now.”'' | ''“We are all [[mediocre lawyer|Regulatory Lawyers]] now.”'' | ||
::—Milton Friedman, in the aftermath of {{t|Sarbanes-Oxley}}. | ::—Milton Friedman, in the aftermath of {{t|Sarbanes-Oxley}}. | ||
{{laws and regulations}} | |||
To what extent are regulations different to laws, such that saying “[[law]]s” doesn’t capture “[[regulation]]s”, or vice versa? a sterile debate, to be sure, but one with respect to which surrender before kick-off has yielded the ghastly peppering of legal contracts with [[tedious]] expressions like “[[applicable]] [[law]]s, [[regulations]] and binding rulings of competent authorities”. | |||
Laws, narrowly, are those statutory instruments enacted directly by a sovereign legislature, having binding effect on all those who stray within their purview. Regulations are supplementary rules promulgated by the executive (or some other lucky punter — a local securities regulator, or stock exchange — to whom the legislature has [[Delegate|delegated]] that power). In this sense, regulations tend to be more fiddly, pernickety, and liable to periodic change — they don’t need to pass through two houses and receive royal assent after all — but by the lights of an affected subject, they carry no less weight, are no less binding, and for their breach sanctions are no less severe. So, really, the distinction, in a legal contract, is fussy. | |||
Confusingly, in the European context, an [[EU Regulation|EU ''regulation'']] (by contrast to an [[EU Directive|EU ''directive'']] is quite a different animal: far from being some capricious executive ornamentation on a domestic law, an [[EU Regulation]] is an ur-law: it applies, directly as a law of the land in all EEA jurisdictions, when declared by the European Council in Parliament, without the need for any adoption in local law. An EU Directive does not apply until adopted into local law, although the local legislature may be obliged by EU rules to adopt it within a certain time frame. | |||
{{egg}} | {{egg}} | ||