What is defined as the government requiring businesses to preform specific procedures

Regulation is defined as the government requiring businesses to preform specific procedures.

Explanation:

Regulation is an action of regulating or rule that is made by an authority to manage the complex system. Regulation means control over certain activities like market prices, pollution effects, development approval etc.

The government lays regulation to control specific procedures. Government creates "product safety laws" to protect the customers. Regulations are made for the welfare of people.

The businesses report information regarding their assets they sell to fulfill their legal and financial regulations.