Question

Identify at least three (3) laws, regulations or financial principles that are relevant to a business...

Identify at least three (3) laws, regulations or financial principles that are relevant to a business or a financial industry.

Homework Answers

Answer #1

There are several laws and regualtions that a business has to follow and abide by in order to carry out its business. Some of them are:

  1. Sarbanes-Oxley Act : This act prevents companies from giving false information about the business. It imposes penalty on companies who fabricate their financial data.
  2. Dodd-Frank Act: This act was mostly implemented on the banking and financial institutions which are generally perceived as too-big-to-fail. The aim is to prevent financial crisis by categorizing the banking and financial institutions based on the risk involved, liquidity etc.
  3. Bank Secrecy Act: This act deals with maintaining information control about the banking transactions so that money laundering cases can be checked and other illegal activities can be prevented.
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