The simplest answer to above question is, yes. Regulation is needed when the public interest in involved. We cannot just let corporations and businesses do what they want without thinking of the interest of the general public because it will only lead to several abuse and unjust use of power.
What is regulation?
Regulation is not a limitation per se. It appears that way because most of the actions done by the committee when it comes to regulating is limiting an action or a scope of the company. But it’s not really that. There is a deeper meaning when we say regulation and it is a very important thing to consider.
Regulation is all about protection. It is aligning policies and laws in order to ensure that the playing field is level to all parties involved. By regulating one party, we will be able to make sure that all stakeholders have equal access and benefit to the freedom they are enjoying right now.
In a way, regulation is our form of policing the entire community to follow the rules that were set. And also, to check if the rules are still effective or there are some companies who found a way to circumvent the regulation. Or they are playing too much on the line.
Is there a Checks and Balances in Your Commission
Yes, it is important for us to maintain our integrity. It is the only thing that makes us effective and respectable in the field. Without it, businesses will not respect us and the general public will have no trust to us because they don’t see us as effective in whatever tasks we are doing.
We have several public consultations for us to know and gauge our performance. This is a very important step for us because the public is the one who benefits on the things that we are doing so whatever their input is very beneficial for us.
At the same time, we also do dialogues between companies for us to make sure that they are also protected. We also want them to succeed so we guide them to the best of our abilities so we won’t end up enforcing our rules and regulations to them.