Statutory requirements are those requirements that are required by law. These requirements are non-negotiable and must be complied with. Failure to comply a legal requirement may result in a fine or penalty and possibly a custodial sentence for the person or persons responsible or organization for such failure.
“Statutory refers to laws passed by a state and/or central government, while regulatory refers to a rule issued by a regulatory body appointed by a state and/or central government.”
Statutory requirements are those requirements which are applicable by virtue of law enacted by the government. These are enacted by passing the law in the legislative assembly or parliament.