Understanding Statutory, Legal, and Regulatory Requirements: Can You Explain the Differences?

Differences Between Statutory, Legal, and Regulatory Requirements

Can you please provide a concise explanation of the differences between the following terms:

1. Statutory Requirement
2. Legal Requirement
3. Regulatory Requirement

Regards,
Sundar

Statutory vs. Regulatory Requirements

Statutory: Any law approved by parliament and implemented by governmental agencies or authorities.

Regulatory: Any law or guidelines prepared by state-level assemblies, NGOs, or institutions and implemented by governmental agencies are regulatory.

I also had a doubt about these words. Last week, this doubt was cleared by one of the renowned auditors from TUV.

Regards,