Regulator Design Research Articles

Measuring the Compatibility of Conditional Decision in Formal Constitutional Review by the Constitutional Court

The existence of conditional decisions becomes dynamic in constitutional review, including their use in procedural constitutional reviews. Constitutional Court Decision No. 91/PUU-XVIII/2020 is the first decision to grant the petition and use a conditional decision model. Unfortunately, as mentioned earlier, using the conditional decision model in the decision results in discourse among various parties, including government institutions, law enforcers, academics, and the general public. With the growing discourse, this research aims to analyze the compatibility of the conditional decision model in formal constitutional reviews by examining various formal constitutional review decisions and the conditional decisions handed down by the Constitutional Court. This research indicates that the conditional decision is incompatible with formal constitutional review. This can be observed from the incompatibility of conditional decisions with the regulatory design of formal constitutional reviews and their legal consequences.

Measuring the Compatibility of Conditional Decision in Formal Constitutional Review by the Constitutional Court

The existence of conditional decisions becomes dynamic in constitutional review, including their use in procedural constitutional reviews. Constitutional Court Decision No. 91/PUU-XVIII/2020 is the first decision to grant the petition and use a conditional decision model. Unfortunately, as mentioned earlier, using the conditional decision model in the decision results in discourse among various parties, including government institutions, law enforcers, academics, and the general public. With the growing discourse, this research aims to analyze the compatibility of the conditional decision model in formal constitutional reviews by examining various formal constitutional review decisions and the conditional decisions handed down by the Constitutional Court. This research indicates that the conditional decision is incompatible with formal constitutional review. This can be observed from the incompatibility of conditional decisions with the regulatory design of formal constitutional reviews and their legal consequences.

Backup transcription factor binding sites protect human genes from mutations in the promoter.

This study was designed to test the idea that the regulatory regions of human genes have evolved to be resistant to the effects of mutations in their primary function, the control of gene expression. It is proposed that the transcription factor/transcription factor binding site (TF/TFBS) pair having the greatest effect on control of a gene is the one with the highest abundance among the regulatory elements. Other pairs would have the same effect on gene expression and would predominate in the event of a mutation in the most abundant pair. It is expected that the overall regulatory design proposed here will be highly resistant to mutagenic change that would otherwise affect expression of the gene. The idea was tested beginning with a database of 42 human genes highly specific for expression in brain. For each gene, the five most abundant TF/TFBS pairs were identified and compared in their TFBS occupancy as measured by their ChIP-seq signal. A similar signal was observed and interpreted as evidence that the TF/TFBS pairs can substitute for one another. TF/TFBS pairs were also compared in their ability to substitute for one another in their effect on the level of gene expression. The study of brain specific genes was complemented with the same analysis performed with 31 human liver specific genes. Like the study of brain genes, the liver results supported the view that TF/TFBS pairs in liver specific genes can substitute for one another in the event of mutagenic damage. Finally, the TFBSs in the brain specific and liver specific gene populations were compared with each other with the goal of identifying any brain selective or liver selective TFBSs. Of the 89 TFBSs in the pooled population, 58 were found only in brain specific but not liver specific genes, 8 only in liver specific but not brain specific genes and 23 were found in both brain and liver specific genes. The results were interpreted to emphasize the large number of TFBS in brain specific genes.

Revolutionizing Solar Energy Conversion: A Neural MPPT-Controlled Photovoltaic Regulator

This article presents the design of an innovative photovoltaic solar regulator equipped with a neural MPPT (Maximum Power Point Tracking) control and an advanced battery charge and discharge management algorithm. The main objective of this research is to significantly improve the efficiency of solar energy conversion into electrical energy by optimizing the maximum power point and effectively regulating battery charging and discharging. The neural MPPT control represents a major advancement in the field of solar energy. Unlike conventional algorithms, this approach enables the regulator to adapt to environmental variations, such as fluctuations in sunlight. As a result, the regulator can constantly adjust the maximum power point, ensuring a high efficiency of the solar system. The battery charge and discharge management algorithm is a crucial element in the regulator's design. Effective battery management is essential to maintain a balance between solar energy supply and electrical equipment consumption. Through this algorithm, the battery is kept within optimal charge ranges, thereby avoiding overcharging or excessive discharging, which contributes to prolonging its lifespan. To evaluate the performance of the proposed photovoltaic solar regulator, detailed simulations were conducted using the Matlab/Simulink software. The obtained results confirmed a significant improvement in solar energy conversion efficiency. The combination of the neural MPPT control and the battery management algorithm allows the system to operate optimally, even under changing environmental conditions. The practical applications of this research are diverse. This enhanced solar regulator could be deployed in remote regions without access to the traditional power grid. It also provides an effective solution for rural or isolated areas where solar energy can be a viable energy source, but intelligent management is required to ensure stable electrical supply. In conclusion, this study presents a significant advancement in the field of photovoltaic solar energy, combining a novel neural MPPT control with an advanced battery management algorithm. The simulation results clearly demonstrate a substantial improvement in solar energy conversion efficiency and more efficient battery management. This regulator opens up new possibilities for the utilization of solar energy in various demanding environments, offering a promising solution for powering remote or off-grid areas.

Rule of Law Challenges of ‘Algorithmic Discretion’ & Automation in EU Border Control

Abstract The European Travel Information and Authorisation System (ETIAS) will profile visa- exempt third-country nationals using a screening rules algorithm to make automated predictive risk assessments. By using the screening rules algorithm as a case study, this article analyses if the ETIAS Regulation, and the legal safeguards it establishes for the decision-making process, comply with formal and substantive legality requirements as defined by the Venice Commission and the Court of Justice of the European Union. Three legality challenges are identified: [1] The regulatory design of ETIAS raises issues in relation to the foreseeability, clarity and accessibility of law, as well as insufficient limits to discretion. [2] The ETIAS screening rules algorithm represents a development towards a new form of arbitrariness through ‘algorithmic discretion’. [3] The safeguard of manual (human) processing in case of a ‘hit’ is not a panacea for the identified legality challenges.

Legal Dilemmas and Regulatory Design for Data Transactions

Legal Dilemmas and Regulatory Design for Data Transactions

The evolution of Australia’s dedicated temporary skilled migration program: a bipartisan political journey from agreement to disagreement

ABSTRACT The growth of temporary labour migration in Australia has been remarkable. Originally introduced as a discrete program, aimed at facilitating the entry of highly skilled temporary migrant workers, the program has ballooned with a wide array of temporary visas with work rights accounting for nearly a tenth of the Australian labour force. Although many scholarly accounts have critiqued Australia’s temporary labour migration program, less attention has been paid to the role of political factors in shaping Australia’s approach to temporary labour migration and how these have impacted the regulatory design of visas for a dedicated purpose of work. This article addresses this gap through a granular analysis of policymaking and government-commissioned reviews of the temporary labour migration program since 1995. Using the frame of bipartisanship, it traces the journey from agreement by the major parties on temporary skilled labour migration to contestation.

The impact of ‘competition for the market’ regulatory designs on intercity bus prices

Spain regulates its intercity bus market by means of a ‘competition for the market’ mechanism, whose design has been modified several times in the last years. This implies that current services are operated under contracts whose conditions are heterogeneous. We take advantage of such fact to empirically measure the impact that regulatory designs may have on fares paid by the users. Controlling for the different determinant of bus prices at route level the results show very large differences between routes whose contracts were awarded under relatively open conditions compared to regionally regulated routes or old contracts whose concessions were extended in 1987 and have not been retendered since then. The observed difference between the cheapest and the most expensive services is to a great extent explained by the difference in the regulatory designs used to award each contract.

Topical issues of criminal law regulation in the sphere of economic activity (Chapter 22 of the Criminal Code of the Russian Federation): reflections on the background of a special military operation

The article analyzes the principles, grounds and features of the regulation of criminal liability for certain crimes in the field of economic activity in the conditions of a special military operation. The authors, in general, consider novelties of criminal legislation for the last year - in the period from February 24, 2022 to February 24, 2023. In many respects, the noted changes relate to issues of criminal law protection of military, public and state security, ensuring the effective implementation of state defense orders, saving military property, carrying out military and guard duty. It is noted that in some cases, a hasty criminal-legal response to the appearance and expansion of negative manifestations in the conditions of a special military operation leads to failures and contradictions in regulatory design and to further difficulties in law enforcement practice. It is pointed out that it is necessary to improve military and defense legislation.

Do actively managed equity funds add value in developing economies? – The case of ‘inverse Gruber puzzle’ in Pakistan

PurposeThis paper evaluates the performance of actively managed conventional and Islamic equity funds in a developing economy with a focus to assess the performance-growth puzzle posited by Gruber (1993) (a.k.a Gruber’s puzzle). Under the context of an emerging market of Pakistan, this study explores if actively managed equity fund (AMEF) managers have been able to add value by outperforming the market in terms of stock-selection and market-timing abilities; and the comparative performance analysis of Islamic versus conventional AMEFs is also carried out.Design/methodology/approachWe employ Sharpe and Treynor ratios, Capital asset pricing model, Fama–French three factors model (1993), Carhart four-factor model (1997) and Hendrickson (1981) market timing models on 45 equity funds comprising of 23 conventional and 22 Islamic equity funds operating in Pakistan for a period of 10 years. The overall sample period (2008–2018) is divided into two 5 years sub-periods (i.e. 2009–2013 and 2014–2018) and three 3 years sub-periods (2009–2011, 2012–2014 and 2015–2017) to be viewed in conjunction with the country's macro-economic condition.FindingsWe report that the actively managed equity funds (AMEFs) were unable to beat the market index with their stock selection or market timing capabilities. However, AMEFs depicted improved performance in the post-global financial crisis period where both conventional and Islamic AMEFs generated substantial rewards for the given amount of risk. Also, conventional AMEFs outperformed Islamic AMEFs potentially due to their holdings in highly leveraged value and large-cap stocks, while Islamic AMEFS invest more cautiously in small-cap and value firms. Analysis of market timing skills revealed that the funds have not been able to select the undervalued stocks and adopted a defensive strategy in the post-global financial crisis recovery period.Practical implicationsOur findings shed some interesting insights and raise some pertinent questions for research, policy, and practice – specifically for developing countries’ context. The no ‘return-growth’ configuration defies its fit with the ‘Gruber puzzle’ and somewhat presents a case of what we call the ‘Inverse Grubber puzzle’. This novel notion of the ‘Inverse Grubber puzzle’ should inform policy and practice to reflect on their practices, institutional arrangement, regulatory framework and policy design in developing economies characterized by lacklustre performance and growth of AMEFs. For example, the regulatory design may consider focusing on stimulating financial inclusion and deepening by motivating low-cost Index tracker funds (ITFs) – with lower fund management costs, while allocating the avoided cost to flow towards effective marketing campaigns driving greater awareness, financial deepening, and investor base diversification. For future research, financial development researchers may explore the implications and appropriateness of AMEFs versus ITFs in other developing economies.Originality/valueThe work reported in this paper is original and constitutes a valuable asset for ethno-religious-sensitive investors. The research has not been published in any capacity and is not under consideration for publication elsewhere.

Hardening corporate accountability in commodity supply chains under the European Union Deforestation Regulation

AbstractThe European Union (EU) has recently introduced the Deforestation Regulation to close regulatory gaps in the sustainability and legality of global forest and agricultural commodity supply chains. We analyze this regulatory policy change by drawing on accountability scholarship and institutionalist theories of regulation. Our results show that the Regulation aims to enhance corporate accountability mechanisms through mostly state‐based hard regulation of commodity supply chains, reducing the role of market incentives and private regulation. This policy change is found to be the result of strategic policy‐oriented learning from perceived accountability failures of existing soft market‐based instruments, voluntary trade agreements, and experience with market‐correcting EU timber legality trade rules in a politically favorable context. The institutionalization of new forest‐risk commodity supply chain accountability norms in new EU trade rules would, by design, harden foreign corporate accountability for negative socio‐environmental externalities. However, the de‐facto hardening will depend on the final regulatory design, acceptance, compliance, implementation, enforcement improvements, and avoidance of leakage effects.

Anti-deforestation npr-PPMs and Carbon Border Measures: Thinking About the Chapeau of Article XX GATT in Times of Climate Crisis

ABSTRACT This article enquires into the extent to which the elusive Chapeau of Article XX of the General Agreement on Tariffs and Trade (GATT) may constrain the ability of regulating Members to tackle environmental externalities via unilateral regulatory action. It employs an analysis of recent European Union regulatory measures to assess the rationale of different ‘indicators’ of compliance with the Chapeau and unpack their implications. The article illustrates that a good faith–centred interpretation of the Chapeau criteria helps identify aspects in the practical application of a measure that may afford protection to domestic products or result in country-based discrimination. It also preserves the margins of action of regulating Members and can improve the regulatory design and environmental effectiveness of unilateral measures. An expansive interpretation of ‘situational’ discrimination and ‘coercion’, by contrast, captures significant distortions of competitive opportunities between ‘like’ products, broadening market access and stretching the Chapeau beyond a good faith–centred focus. Furthermore, this interpretative approach can indirectly impact the regulatory design of the measures and undermine their environmental effectiveness. Against this backdrop, the article argues that the dispute settlement organs should carefully delimit the scope of the Chapeau conditions and adhere to a good faith–centred interpretative approach.

Investor attention and IPO returns: evidence from Indian markets

PurposeThe regulatory design of Indian stock market provides us with the opportunity to disaggregate initial returns into two categories, i.e. voluntary premarket underpricing and post market mispricing. This study explores the impact of investor attention on the disaggregated short-run returns and long-run performance of initial public offerings (IPOs).Design/methodology/approachThe study employs regression techniques on the sample of IPOs listed from 2005 to 2019. It measures investor attention with the help of the Google Search Volume Index (GSVI) extracted from Google Trends. Along with GSVI, the subscription rate is used as a proxy to measure investor attention.FindingsThe empirical results suggest a positive and significant relationship between initial returns and investor attention, thus validating the attention theory for Indian IPOs. Furthermore, when the returns are analysed for a more extended period using buy-and-hold abnormal returns (BHARs), it was found that price reversal holds in the long run.Research limitations/implicationsThis study highlights the importance of information diffusion in the market. It emphasizes the behavioural tendency of the investors in the pre-market, which reduces the market efficiency. Hence, along with fundamentals, investor attention also plays an essential role in deciding the returns for an IPO.Originality/valueAccording to the best of the authors’ knowledge, this is one of the first studies that has attempted to explore the influence of investor attention and its interplay with underpricing and long-run performance for IPOs of Indian markets.

Frequency-domain preliminary assessment of coupled site and SSI effects according to the Algerian seismic provisions

PurposeSeveral studies were made on paired site and soil–structure interaction (SSI) effects, but most of them were site specific. This paper aims to investigate the impact of SSI effects in conjunction with local soil condition effects on the seismic response of typical multistory low- to mid-rise–reinforced concrete (RC) buildings resting on Algerian regulatory design sites through a global explicit transfer function (TF).Design/methodology/approachA preliminary quantification of SSI effects associated with site effects is carried out through a frequency-domain solution based on the concept of rock-to-soil surface displacement TF performed for each design site category. It results from the combination of the TFs of structure, foundation and soil and reflects how seismic waves are amplified due to changes in the geological contrast between the rock and overlying soil deposits. As well, response modification factors, denoting displacement ratios of the building responses within the flexible and site-structure conditions with respect to the fixed-base one, are carried out.FindingsIn the context of Algerian seismic regulation, the study provides a clear vision of how and when site or SSI effects are expected to be influential, as opposed to the fixed-base hypothesis still retained by the current regulation. This helps engineers to be aware of the extent of the expected seismic damage.Research limitations/implicationsThe research applies to low- to mid-rise RC buildings within the Algerian seismic regulation, but it may also be expanded to other examples that fall under other seismic regulations.Practical implicationsThe response modification ratio is a quantitative approach to assessing response fluctuations. It draws attention to how the roof level drift varies depending on the condition. These results can be used as numerical parameters in structural seismic design when the structure is comparable because they provide useful information about how the two phenomena interact with the structure.Originality/valueThe study goes beyond particular situations dealing with site specific and offers effective indicators and quantitative evaluation of combined site and SSI effects according to the current national seismic provisions, where no indication about site or SSI effects exists.

Complementary strategies for directing in vivo transcription factor binding through DNA binding domains and intrinsically disordered regions

DNA binding domains (DBDs) of transcription factors (TFs) recognize DNA sequence motifs that are highly abundant in genomes. Within cells, TFs bind a subset of motif-containing sites as directed by either their DBDs or DBD-external (nonDBD) sequences. To define the relative roles of DBDs and nonDBDs in directing binding preferences, we compared the genome-wide binding of 48 (∼30%) budding yeast TFs with their DBD-only, nonDBD-truncated, and nonDBD-only mutants. With a few exceptions, binding locations differed between DBDs and TFs, resulting from the cumulative action of multiple determinants mapped mostly to disordered nonDBD regions. Furthermore, TFs' preferences for promoters of the fuzzy nucleosome architecture were lost in DBD-only mutants, whose binding spread across promoters, implicating nonDBDs' preferences in this hallmark of budding yeast regulatory design. We conclude that DBDs and nonDBDs employ complementary DNA-targeting strategies, whose balance defines TF binding specificity along genomes.

Smart And Green Campus Regulatory Design As Untirta's Legal Policy To Improve the Quality of Participatory Higher Education

<span lang="EN-US">The formation of a policy regulation does not have general guidelines because it is the authority of each institution which is not binding on other institutions and is weak in giving sanctions, while the formation of a statutory regulation must be guided by Law Number 12 of 2011 concerning the Establishment Laws and regulations that have been amended by Law Number 15 of 2019 by providing space for the public to participate. This research uses qualitative research methods with a normative juridical approach. Sultan Ageng Tirtayasa University is one of the State campuses in Banten, which needs to design smart and green campus regulations to improve the quality of participatory higher education. This policy is a legal policy to shape the quality of higher education as smart and green campuses</span>

A Multi-Period Regulation Methodology for Reliability as Service Quality Considering Reward-Penalty Scheme

In distribution systems, reliability insurance and financial performance are often hard to reconcile due to a natural monopoly. While many studies have proposed regulatory design of reward-penalty scheme (RPS) as an effective performance-based regulation framework to compensate for this natural monopoly, little attention is devoted to consideration of RPS in reliability as service quality. In this paper a novel methodology is proposed for considering an RPS in regard to reliability assessment problems to ensure a reasonable balance between reliability improvement and financial performance. In the proposed methodology, the impact of the utilities' financial and reliability performance in one regulation period is considered as to how it influences the next periods, i.e. multi-period modeling. The implementation results in an IEEE test system are utilized to reveal possible improvements in both reliability and financial performance, which lead to the delivery of a satisfactory level of service quality to customers in both the short- and long-term. The proposed methodology can be regarded as a performance-based standard for reliability improvement and efficient investment in distribution systems.

International Competitiveness and Financial Regulators’ Mandates: Coming Around Again in the UK

Abstract Using post-Brexit regulatory freedom to strengthen the financial sector has been seen as a priority for the UK government under the Conservative Party following the 2017 general election. The laying before Parliament of the Financial Services and Markets Bill (July 2022) marked the start of a multi-year process aiming to transform the regulatory framework. Adding a competitiveness and growth secondary objective to regulatory mandates was an important part of the reform agenda set out in the Bill. This article draws on theory (regulatory competition, regulatory procyclicality, and regulatory design) and recent history (post 2008-crisis regulatory reform) to question the wisdom of reinstating international competitiveness in regulatory mandates in this way. The key concern is that this change risks opening the door to an excessively deregulatory agenda and the undermining of regulatory independence. That the new competitiveness and growth objective will be used to advance deregulatory agenda was already becoming evident during 2022 as the UK debated the adaptation and evolution of EU-derived prudential and capital market laws to suit its new situation. Since the competitiveness and growth objective bandwagon may have become unstoppable, the article directs attention to the role of accountability in protecting regulatory independence. Regulators need to be able to resist pressure to lower standards unduly, and an effective system of accountability can support them in doing so.

Ripples and their returns: tracing the regulatory security state from the EU to Brazil, back and beyond

ABSTRACT The Regulatory Security State (RSS) has far-reaching political consequences for the world beyond the EU, for EU priorities and its ability to realize them. We show this point through an analysis of how the extension of the RSS into the digital played into a constellation of factors that skewed politics towards the 2018 election of Jair Bolsonaro in Brazil. We trace the connections from the General Data Protection Regulation through shifts in Facebook’s self-regulation to the Brazilian elections with the help of three conceptual tools: ‘infrastructures’, ‘regulatory design’ and ‘ripples’: the GDPR generated a regulatory redesign of infrastructures sending ripples travelling from the EU to Brazil, back and beyond. We contribute theoretically by developing concepts for contextualizing the RSS and empirically by demonstrating the political stakes of contextualizing the RSS. Both contributions have a bearing for analyzes of the RSS beyond the case we focus on.

Evidence at time of regulatory approval and cost of new antibiotics in 2016-19: cohort study of FDA approved drugs

ObjectiveTo review the clinical evidence, regulatory background, and cost of antibiotics approved by the US Food and Drug Administration (FDA), 2016-19.DesignCohort study of FDA approved drugs.Data sourcesFDA databases, ClinicalTrials.gov, and...