International regulation

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Published on July 25, 2021 7:23:15 PM ● Video Link: https://www.youtube.com/watch?v=t0J_uzMebhY

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International regulation is regulation that occurs at the international level, often exercised by international organizations. An advantage of international regulation is that it allows localities and the individuals in them to be held accountable for the impact of their actions (e.g. pollution) have on other localities.
A series of powerful international regulatory regimes have arisen especially in fields dealing with risk, such as banking, accountancy and the actuarial profession. In banking, the Basel Accords regulate a wide range of bank behavior, such as capital adequacy, the requirement to have capital reserved against risk. In accountancy, the International Financial Reporting Standards (IFRS) have replaced many national accounting standards to enable international comparability of reporting of accounts. The International Actuarial Association is working on standardization of international practice.
Although there is no international government to issue regulations, negotiations between industry bodies and national governments have often succeeded in orchestrating regulatory regimes that are obeyed across most nations.

Source: https://en.wikipedia.org/wiki/International_regulation
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