What are the main requirements of a good regulatory system to govern Essay

What are the main requirements of a good regulatory system to govern privatised infrastructure - Essay Example The intention of creating such agencies directly associates with the approach of the government and regulatory authorities to control the unfavourable and unethical approaches of the aforementioned stakeholders and ensure a fair practice within the society. It is owing to such significance that the regulatory systems have become quite important today in order to maintain a healthy balance in various domains of the society1. Arguably, maintaining such a control has been observed to be much challenging in privatised sector where governmental interventions and regulatory norms possess limited influence in comparison to the public sector. Contextually, this paper will evaluate the requirements of a good regulatory system in order to govern the privatized infrastructure. ... Each of these regulations is supposed to have its own purpose and need in the society for ensuring welfare of the same one way or the other. In precise, it can be stated that regulations are rules formed by concerned authorities or groups with the intention to deliver outcomes that might not be possible otherwise2;3. A Good Regulatory System- Characteristics Developing and continually practicing effective regulations are considered to be among the major challenges for government and other regulatory agencies to govern the private sector. There are several key contents of well framed regulations. To be mentioned, regulations implemented by the government and other concerned agencies need to first emphasize on the problems that prevail in various sectors, including the sector for privatised infrastructure. This will enable the agencies to have a clear idea about what sort of regulatory policies are to be frame and accordingly, the concerned authorities should decide on them. It will be vital to mention that the regulatory policies formed should be focused towards ensuring maximum innovation so that it can tackle the present market scenario and ensure noteworthy and desired results4. A balance between the problems depicted and the solutions framed is quite important to ensure effectiveness of the regulatory policies. In this regard, concerned authorities should need to ensure that the measures they take are directly proportional with the problems that are desired to be addressed in the regulatory system. Targeting the particular sector where the regulations are to be imposed is also vital in order to ensure maximum effectiveness of the designed system. Flexibility is another key characteristic that must be ensured while framing any sort of