All types of businesses are regulated to ensure that certain standards are met and that people are not harmed, or that if they are, there is legal recourse. But some industries tend to be more highly regulated than others, and some are so new that regulators are just starting to figure out what to do.
Let's take a look at the most regulated industries, according to IBIS World ... and some new developments that will surely lead to more laws and regulation for burgeoning businesses in industries currently in development.
Healthcare: The most regulated industries are those which have the deepest impact on people's lives and could cause the most potential harm. So it should probably come as no surprise that health care is the most regulated industry of them all. Its practitioners poke and prod us, test and prescribe, and help to prolong and save lives. Given the important role of health care practitioners and their work, their industry is understandably overseen quite carefully and subject to much regulation.
Finance: Not quite as personal as our bodies and physical health are our finances. People who handle money and invest it on behalf of others are also supposed to be under intense regulatory scrutiny and to follow the numerous rules set out for them in the law. But some would say we need even more financial and banking industry regulation in light of problems exposed in the markets in the economic downturn and the failure of recent reforms to adequately address conditions that led to it.
Healthcare and finance have traditionally been exposed to a lot of oversight, with lawmakers drafting bills to address new issues as they arise. But how does the government handle a brand new situation and ensure adequate regulation across the country?
Auto-Pilot Automobiles: The Department of Transportation, for example, last month announced plans to draft model legislation for auto-piloted or self-driving cars this year. The DOT gave itself 6 months to address the self-driving or auto-pilot issue and come up with some standards to ensure that, as this aspect of the automotive industry grows, there is a uniform approach.
Cannabis Business: The feds have yet to address the marijuana industry, however. Although marijuana is legal for recreational and medical use in an increasing number of states, the federal government still considers cannabis illegal, officially at least. But if states keep changing their laws as they have been, then we can probably expect that the marijuana industry will be up next and will be subject to a lot of scrutiny.
Concerned About Regulation?
For business owners it can sometimes be difficult to determine which of the many laws of their industry apply to them. But the consequences of not following the law can be grave. If you have any concerns about regulation of your industry and how it impacts your business, speak with an attorney. A lawyer can guide you on all aspects of business operations, in addition to regulation. Get help.