Objectives of Regulation

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Questions and Answers

What are two of the main objectives of regulation?

  • To protect consumers and to promote economic efficiency. (correct)
  • To increase profits and to reduce competition.
  • To reduce costs and to improve quality.
  • To promote trade and to reduce unemployment.

What are the main differences between rules-based and principles-based approaches to regulation?

  • Rules-based is more flexible, while principles-based is more rigid.
  • Rules-based focuses on specific requirements, while principles-based focuses on overall outcomes. (correct)
  • Principles-based is more suitable for complex industries, while rules-based is better for simple industries.
  • Rules-based is used in the US, while principles-based is used in the EU.

What is the mission of the Islamic Financial Services Board (IFSB)?

  • To promote the global Islamic financial services industry (correct)
  • To regulate the conventional banking system
  • To provide financial assistance to developing countries
  • To promote the use of cryptocurrencies

What are the penalties for breach of the General Data Protection Regulation (GDPR)?

<p>Fines up to €20 million or 4% of global annual turnover (A)</p> Signup and view all the answers

What are the data subject rights granted under the General Data Protection Regulation (GDPR)?

<p>Right to be informed, Right to rectification, Right to erasure, Right to restriction of processing (A)</p> Signup and view all the answers

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