Below is an instruction that describes a task, paired with an input that provides further context. Write a response that appropriately completes the request.

### Instruction:
Describe the implications of this statement

### Input:
The new law has been passed

### Response:
The new law will come into effect, changing the rules and regulations of the jurisdiction. This can have a lot of implications in terms of how people will conduct their business, how they will be taxed, and other matters that are governed by the law.