Examples of responsibilities include strengthening safety and standards, and/or to protect consumers in markets where there is a lack of effective competition.
Some independent regulatory agencies perform investigations or audits, and other may fine the relevant parties and order certain measures.
In a number of cases, in order for a company or organization to enter an industry, it must obtain a license to operate from the sector regulator.
They derive their authority from members' commitments to abide by the standards applied by the regulator, for instance as the UK's Advertising Standards Authority says "The self-regulation system works because it is powered and driven by a sense of corporate social responsibility amongst the advertising industry.
[6] Ex post actions taken by regulatory agencies can be more adversarial and involve sanctions, influencing rulemaking, and creating quasi-common law.