Regulations

A COMPANY NEEDS CERTAINTY ABOUT WHETHER AND WHAT REGULATIONS APPLY TO THE PROVIDER OR PRODUCT. UNCERTAINTY LIMITS THE FREEDOM, PREDICTABILITY AND PROFITABILITY OF BUSINESS.

• Regulations are the part of the legal system aimed at eliminating revealed or expected specific imperfections of the free market. They are introduced in sectors that provide basic or complex goods and in relationships where there is a significant advantage of one party over the other, most often the provider over the end user.
• Such laws are more based on cause than general regulations. The aforementioned regulations include both codified laws and lower legal acts, decisions of authorities, supervisory didactics.
• Due to the dynamics of development and diversity of facts, there is often a specialized supervisory body enforcing such regulations.
• The purpose of the regulations is usually clearly stated, but the specific provisions are general, vague and laconic. It is common that there is insufficient extensive case law and legal literature.