regulatory agency

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Any of the nonministerial government departments with statutory duties of control over privatized industries. Each of the statutes that provided for the privatization of services formerly provided by public corporations also made provision for the establishment of a regulatory agency for the service in question; these agencies include the Office of Communications (Ofcom), the Office of Gas and Electricity Markets (Ofgem), the Office of Water Services (Ofwat), the Office for Standards in Education (Ofsted), and the Office of the National Lottery (Oflot).

Subjects: Law — Economics.

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