Abstract and Keywords
The focus of this article is the strategic use of regulation by industry and regulators, and the rules and procedures that have been and can be put in place to reduce wasteful attempts to ‘game the system’. Regulation exists to get industry, organisations, and individuals to modify their behaviour to gain compliance with the law, and ultimately to achieve desired outcomes. Yet it operates in a world where the law is imperfect, enforcement and compliance costly, resources limited, and the regulator has discretion. Regulation has two other features — it generates winners and losers; and its creation and enforcement are the outcome of political and legal processes. Investing in rule change can be as lucrative as maximising profits within the rules. It often ‘pays’ the industry to invest in trying to influence and respond to legislators and regulators to gain favourable regulation, or to minimise the impact of unfavourable regulation.
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