2025 CFA Level I Exam: CFA Study Preparation

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There are three types of regulatory bodies.

Legislative bodies enact broad laws and statutes.
Regulatory bodies issue administrative regulations, often implementing statutes. Regulatory bodies include government agencies and independent regulators granted authority by a government and government agency. Some independent regulators may be self-regulating organizations.
Courts interpret statutes and administrative regulations, and these interpretations may result in judicial law.

Regulations can be classified as:

Statutes - laws passed by a legislative body.
Administrative regulations or administrative law - rules issued by government agencies or other regulators.
Judicial law - interpretations of courts.

Regulations can be classified by their objectives too.

Regulators have responsibility for:

Substantive law, which focuses on rights and responsibilities of entities and relationships among entities.
Procedural law, which focuses on the protection and enforcement of the substantive laws.

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