Highly regulated industries and their policy needs
The previous chapter highlighted that policies are used to achieve a specific goal and establish governance using different instruments. Regulation is a type of coercive instrument defined to help achieve compliance and model behaviors. Regulation can also be a law, for example, General Data Protection Regulation (GDPR), or in other cases, acts of parliament. In the EU, due to the primacy of European Union law, a legal principle establishes the precedence of European Union law over conflicting national laws of EU member states.
This leads us to the regulatory bodies of several key industries, such as finance, healthcare, government, and more. These bodies create regulations that all organizations in specific sectors must abide by, usually coming in two types: