know nothing about US law. Someone please explain this.
Statute, something that has been signed into law. e.g. deposits get a receipt.
http://apps.leg.wa.gov/rcw/default.aspx?cite=30.20.025
Regulation, something a regulator decides. e.g. proof of address
http://www.fdic.gov/regulations/laws/rules/2000-5650.html#fdic2000part334.91
I can’t see the distinction to be honest. Debt Ceiling I guess is Statute, setting interbank rate regulation? is there anyway to tell which is which?
Statutes are enacted by the legislature (federal or state). Regulations are enacted by administrative agencies, that are authorized by statute to enact those regulations.
Hi Haji,
I kind of get that, but I doubt that will be the answer to a question on June 7. This is what I picked out from the text.
BCBS - Basel Committee on Banking Supervision (independent, regulatory) IOSCO - International Organization of Securities Commissions (government agency, regulatory) SEC - Securities and Exchange Commission (government agency, regulatory) FASB - Financial Accounting Standards Board (independent, SRO) IASB - International Accounting Standards Board (independent, SRO) Credit Reporting Agencies (Moodys, S&B, Fitch) (independent, SRO) FINRA - Financial Industry Regulatory Authority (independent, SRO) PCAOB - Public Company Accounting Oversight Board (government agency, regulatory) EDB - Economic Development Board (government agency, regulatory) ACRA - Accounting and Corporate Regulatory Authority (government agency, regulatory) Legistative Acts Securities Act of 1933 (truth in securities) Securities Exchange Act of 1934 (created SEC) Investment Company Act of 1940 (conflicts of interest) Sarbanes–Oxley Act (created PCAOB) European Market Infrastructure Regulation (Central Clearing) Dodd-Frank Act ( created Financial Stability Oversight Council) Regulation NMS (best price) Requlation Q (Interest rate on deposits) Troubled Asset Relief Program (purchase of mortgages)
What I’ll try & remember is singapore is all statutes, and then try to remember the Acts. The No Budget, No Pay Act of 2013 is not mentioned in the text, but I guess might crop up.