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Yes, I think regulations can be monitored by non-governmental organizations. In fact there are the watch dogs that every government should give a chance to make those in government offices sit up to carry out their responsibilities.
Since they are from the outside, it will be very good to encourage NGO's to do this job as transparency and conflict of interest is likely not to be attached.
I call on all government across the globe to allow NGO's/NPO's to help regulate and monitor government activities to help the people of the land get maximum benefits of the government and hold public office responsible/accountable.