A Regulatory Requirement is an obligation that is restrictions, licenses, and laws applicable to a product or business, imposed by an outside (usually governmental) agency. The Regulatory Requirement is specified by an authority which gets its mandate from a legislative body that must be met by every product or service under the range of experience or thought of that agency. (e.g., Financial Industry: Securities and Exchange Commission (SEC) regulations, etc.; Healthcare Industry: Health Insurance Portability and Accountability Act (HIPAA), Food and Drug Administration (FDA) regulates, etc.; Environmental Protection: Clean Air Act and the Clean Water Act, etc.; Data Protection and Privacy: General Data Protection Regulation (GDPR), etc.; Food Safety: Food and Drug Administration (FDA), European Food Safety Authority (EFSA), etc.)
Related Definitions in the Project: The Construction; Project Contract
