Quick Answer: What Does Statutory Requirement Mean?

The ISO 9001 is not a legal requirement.

Although recognized as important in many industries, companies may operate without the certification.

This certification does help in maintaining many legal requirements that companies face to ensure quality, but the standard itself is not required..

What are regulatory requirements in healthcare?

Regulatory compliance in Healthcare is all about a healthcare organization’s adherence to laws, regulations, guidelines, and specifications relevant to its business processes. Violations of regulatory compliance regulations often result in legal punishment including federal fines.

What are statutory obligations?

Statutory obligations are those obligations that do not arise out of a contract, but are imposed by law. … It is very important that contracts and appointment documents make it clear whose responsibility it is to satisfy statutory obligations and who is bearing the risk of failure to satisfy a statutory obligation.

Statutory means relating to rules or laws which have been formally written down.

What is another word for statutory?

In this page you can discover 16 synonyms, antonyms, idiomatic expressions, and related words for statutory, like: rightful, legal, lawful, , contractual, regulation, legislative, regulatory, enforcement, provision and discretionary.

What are the 2 types of statutory law?

View all notes statutory law within a legal order can appear in three different forms: (1) written formal law, (2) law for the community and (3) non-public law.

What is an example of statutory law?

A police officer pulls you over, and you are given a citation for violating the speed limit. You have broken a vehicle and traffic law. This law is established by legislature as a statute, or a law that is formally written and enacted. As a result, the law you broke was a statutory law.

What is the difference between statutory and non statutory?

Statutory refers to something that is related toa formal law or a statute, and non-statutory isessentially another term for common law. If something isstatutory, it is based on laws or statutes. Ifsomething is non-statutory, it is based on customs,precedents or previous court decisions.

What are the statutory requirements for a company?

Statutory RequirementsIncorporation of company.Filing of documents with Registrar of Companies.Conducting Statutory Audit at the year end.Assistance in drafting Director’s Report covering statutory points to be covered.Assistance covering Annual General Meeting and Statutory Compliance thereof.More items…

What is the meaning of statutorily?

If something is statutory, it is related to or set by laws or statutes. If something is legal, it is allowed by the law, whereas if it is statutory, it is regulated by law. …

What is the difference between statutory and regulatory requirements?

By definition, “statutory” refers anything relating to a decree or act, and “regulatory” is related to state, national, or international laws and regulations – so, requirements of these sorts come from the legal system.