What is a Compliance and Regulatory Framework?
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of society, but the term has slightly different meanings according to context. For example:
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- In government, typically regulation means stipulations of the delegated legislation which is drafted by subject-matter experts to enforce primary legislation.
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- In business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and,
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- In psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals.
Compliance and regulatory frameworks are sets of guidelines and best practices. Organizations follow these guidelines to meet regulatory requirements, improve processes, strengthen security, and achieve other business objectives (such as becoming a public company, or selling cloud solutions to government agencies).
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What is the difference between Regulatory and Frameworks?
A regulation is a government-enforced set of Law’s, rules, regulations, and guidelines an organization must follow to increase, be secure, meet the standards and insure its rights.
in short words: Framework is a basic conceptual structure (as of ideas) or a skeletal, openwork, or structural frame.
The “PPP framework” consists of the policies, procedures, institutions, and rules that together define how PPPs will be identified, assessed, selected, prioritized, budgeted for, procured, monitored, and accounted for; and who will be responsible for these tasks. In short words the structure of the contract, terms, conditions according to PPP Law is “PPP framework.”
PPP Regulations,
Generally, the PPP experts, Facilitators and Public sectors were agreed to follow the UNECE and ICC rules and regulations for its PPP MOU, Agreements and Funding Facilities, but upon the world leaders gathered at the International Conference on Sustainable Development Financing for Development in 2015 and adopted the 17 Sustainable Development Goals (17-SDGs) and related 169 targets, more than 120 countries uniformed PPP law and Framework for their countries. You can download Law of few members countries from here
Bottom Line
The PPP is already regulated by 170 countries including UNECE. The Applicable Law will be the project(s) host country PPP Law, and the contractual parties can negotiate about the framework according to subject PPP Law