A wide array of industries have regulations that apply to businesses operating within them. Such businesses may be required, for example, to have a license in order to operate. Business regulatory requirements can be determined by state or federal government agencies, and if you conduct business in these industries then it’s crucial to firstly understand the compliance expected, and then to ensure that you are complying with them.
Some examples:
- A liquor license is required to serve alcohol
- Financial services business being regulated by APRA
- Casinos must obtain a gambling license
- Manufacturing business are governed by product safety laws
Where there are regulations that apply specifically to your industry, it is imperative that you are aware of them and abiding by them. Not abiding by such regulations may have significant implications on the operations of your businesses, which may in turn be determinative of the success of your business.
To show how industry regulations can impact businesses, below we have provided various examples of regulatory requirements in certain industries.
Finance and Insurance Services
Running a business that operates in the financial and insurance services industry there are many regulations specific to the industry which require careful consideration.
Some of the key regulations include:
- Corporations Act 2001
- National Consumer Credit Protection Act 2010
- Authorised Deposit-taking institutions (ADIs) legislation
- General insurance legislation
- Superannuation legislation
Accommodation and Food Industry
If you own a hotel, restaurant, bar, cafe, motel or a business like these, there are various regulatory considerations which affect the way your business operates.
Some of the key regulations include:
- Competition and Consumer Act 2010
- Australian Consumer Law
- State liquor licensing
- Gaming licenses
- State restricted trading days
- The Food Standards Code
Manufacturing Industry
Running a business that manufactures food, beverages, textiles, clothing or similar products also requires consideration of industry specific regulations.
Some of the key regulations include:
- Competition and Consumer Act 2010
- Australian Consumer Law
- Anti-dumping laws
- Food Standards
- National trade measurement legislation
- Product safety standards
- Therapeutic Goods Act 1989
- Hazardous Waste (Regulation of Exports and Imports) Act 1989
- Packaging and labelling codes and standards
- Licenses and permits
Last point…
It is imperative that you undertake thorough research to determine which regulations are applicable in your industry so you can ensure your business is operating within the legal and regulatory guidelines.
If you need assistance with a Profit Share Agreement or any other commercial law issue, contact our team of commercial lawyers via the form on this page or by calling 1300 337 997
Phil is a director at OpenLegal. He has over 16 years experience working in private practice and in-house counsel in Sydney and London, giving him expertise in employment law, IP, finance, leases, dispute resolution, insurance and contracts.
