A total of 76 World Championship seasons of Formula One (F1) have been run. F1 is the highest form of open wheeled auto racing series regulated by the Fédération Internationale de l'Automobile (FIA), motorsport's world governing body. The "formula" in the name alludes to a series of rules established by the FIA to which all participants and vehicles are required to conform. The F1 World Championship season consists of a series of races, known as Grands Prix, held usually on purpose-built circuits, and in a few cases on closed city streets; the most prestigious of the street circuits is the Monaco Grand Prix. As of 2021, the sporting regulations established by the FIA's Statutes state that the minimum number of events needed to form a F1 season is 8. The season can be declared a World Championship if F1 visits at least 3 continents in that season according to the International Sporting Code. The World Championship rule can be declared invalid if the FIA grants F1 a waiver for its "long‐established use of the word 'World'." Each season throughout F1 history has consisted of between 7 and 24 Grands Prix, and the regulations are regularly amended to enable an increase of the maximum number of permitted races each year.