Clearing for the 21st Century Act and Regulation: Difference between pages

Revision as of 15:02, 26 November 2014

1. Law.

Rule designed to carry out a specific piece of legislation. Usually enforced by a regulatory agency.

2. European Union law.

An act of European Union (EU) law having direct effect in all member states.

Regulations are passed either jointly by the EU Council and European Parliament, or by the EU Commission alone.

3.

More generally, a rule to control, direct or manage an activity, organisation or system. It may or may not have legal authority.

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-'' US. ''
+''1. Law.''
+Rule designed to carry out a specific piece of legislation. Usually enforced by a regulatory agency.
-(Check 21).
-A federal US law that aims to facilitate [[check]] ([[cheque]]) truncation by creating a new negotiable instrument - the [[substitute check]].
+. ''European Union law''.
-Under the law, banks can truncate original checks and process check images electronically as well as deliver substitute checks to banks that want to continue receiving paper checks.
+An act of European Union (EU) law having direct effect in all member states.
-However, the law does not require banks to accept checks in electronic form or to create substitute checks, although it does require banks to accept substitute checks.
+Regulations are passed either jointly by the EU Council and European Parliament, or by the EU Commission alone.
+.
+More generally, a rule to control, direct or manage an activity, organisation or system. It may or may not have legal authority.
 == See also ==
-* [[Cheque truncation]]
+* [[Decision]]
-* [[Substitute check]]
+* [[Directive]]
+* [[European Union ]]
+* [[Secondary legislation]]
+[[Category:Accounting,_tax_and_regulation]]
 [[Category:Compliance_and_audit]]