Communication protocol

Regulatory Compliance Overview by Country:

  • Australia: Major financial regulators include RBA, APRA, ASIC, and ACCC. APRA focuses on superannuation regulations. Other regulators cover broadcasting, energy, and healthcare.
  • Canada: OSFI and FINTRAC regulate deposits and superannuation. Provincial laws and agencies govern at a local level. Key regulators oversee food safety, public health, and environment.
  • The Netherlands: Dutch Central Bank and AFM regulate the financial sector. Compliance involves observing laws and internal norms to prevent risks and damage to the organization.
  • India: Compliance regulations exist at Central, State, and Local levels, with central regulation being prominent, especially for financial organizations. Reports indicate around 65% of companies in India are fully compliant.
  • United States: Corporate scandals like Enron led to statutory changes such as the Sarbanes‚ÄìOxley Act and Dodd-Frank Wall Street Reform Act. Compliance involves adherence to laws with criminal or civil penalties.

Regulatory Compliance Challenges:

  • Data retention poses challenges in regulatory compliance, especially with laws like CAN-SPAM Act and Fair Credit Reporting Act.
  • Money laundering and terrorist financing threaten financial system integrity and national security.
  • EU adopts a risk-based approach to Anti-Money Laundering and Combating the Financing of Terrorism, which can create legal implications with shared enforcement powers between EU and national authorities.

Regulatory Compliance Standards and Publications:

  • ISO 37301:2021 is a primary international standard for regulatory compliance, with other standards like ISO/IEC 27002 for security management compliance.
  • Various publications address regulatory compliance, such as ‘The Evolution of Regulatory Policy in OECD Countries’ and ‘The Regulatory Structure’ in Financial Services Law and Compliance in Australia.

Regulatory Compliance Reports and Organizations:

  • The IMF, FATF, and OECD have reports on compliance standards in different countries.
  • Organizations like ACMA, Clean Energy Regulator, and OSHA play roles in regulatory compliance oversight and enforcement.

Regulatory Compliance Focus Areas:

  • Specific focus areas include privacy vs. security challenges, regional capital market integration, regulation of genetically modified crops, and IT governance related to data security and ISO standards.
  • Various publications and chapters address these focus areas, such as ‘Privacy: What Everyone Needs to Know’ and ‘IT Governance: An International Guide to Data Security and ISO 27001/ISO 27002’.
Communication protocol (Wikipedia)

A communication protocol is a system of rules that allows two or more entities of a communications system to transmit information via any variation of a physical quantity. The protocol defines the rules, syntax, semantics, and synchronization of communication and possible error recovery methods. Protocols may be implemented by hardware, software, or a combination of both.

Communicating systems use well-defined formats for exchanging various messages. Each message has an exact meaning intended to elicit a response from a range of possible responses pre-determined for that particular situation. The specified behavior is typically independent of how it is to be implemented. Communication protocols have to be agreed upon by the parties involved. To reach an agreement, a protocol may be developed into a technical standard. A programming language describes the same for computations, so there is a close analogy between protocols and programming languages: protocols are to communication what programming languages are to computations. An alternate formulation states that protocols are to communication what algorithms are to computation.

Multiple protocols often describe different aspects of a single communication. A group of protocols designed to work together is known as a protocol suite; when implemented in software they are a protocol stack.

Internet communication protocols are published by the Internet Engineering Task Force (IETF). The IEEE (Institute of Electrical and Electronics Engineers) handles wired and wireless networking and the International Organization for Standardization (ISO) handles other types. The ITU-T handles telecommunications protocols and formats for the public switched telephone network (PSTN). As the PSTN and Internet converge, the standards are also being driven towards convergence.

 

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