How do statutory requirements differ from regulatory requirements?

Statutory requirements are laws enacted by government bodies, which means they are formal rules established through legislative processes. These laws can cover a variety of topics and are designed to address specific issues within society, providing a legal framework for governance. They must be followed and are enforceable by law, meaning that they can lead to legal consequences if violated.

On the other hand, regulatory requirements are typically created by governmental agencies to implement and enforce statutory laws. While regulations carry legal authority, they derive their legitimacy from the statutes that give rise to them. This distinction is crucial, as it outlines the hierarchy of law-making: statutes originate from legislative bodies, while regulations come from agencies with the authority to elaborate on those statutes.

Other options may suggest that regulatory requirements lack legal standing or simply represent ethical guidelines, which misrepresents the nature of regulatory requirements—they are legally binding but developed through a different process than statutory laws.