Regulatory policyis formulated by governments to impose controls and restrictions on certain specific activities or behavior. Regulation is not only about rules of governing but also a concept in governance. In the discussion of the rise of “regulatory states” and “regulatory governance” in recent decades, the role of governments has shifted significantly from its positive functions in society to the growing use of regulation and monitoring to direct the state. Both state and non-state actors have been engaged in the control of social and economic practices. Concerns about regulation can sometimes be contradictory. On the one hand, regulation has been regarded as barriers to and constraints on a competitive market and business environment. On the other hand, there is a genuine need to regulate risks in a “risk society” and situations of market failure. Therefore, the issues of how the concept of regulation evolves and how it transforms the roles and functions of.
