private sector confrence (2)

Regulatory Impact Assessments

The Business Regulatory Act No.3 of 2014 Part II section 6 requires that public bodies should only submit to Cabinet for approval a policy or proposed law to regulate business activity if the policy or proposed law has the prior approval of the BRRA.
The Business Regulatory Act is complimentary to any law regulating business and that law shall continue to regulate business activities subject to the provisions on this act.

Procedures for Imposition of a new Regulatory Framework or Policy according to the Business Regulatory Act No.3 of 2014.

Any Public body that intends to introduce any policy or proposed law for regulating business activities should:-
a)    Give notice, in writing, if the intention to BRRA at least two months prior to submitting it to Cabinet.

b)    Hold public consultations for at least 30 days with:
i.    Persons or Business who shall be affected or will benefit from the proposed regulatory framework:
ii.    Regulatory Agencies and other public officers who will implement the proposed regulatory framework; and
iii.    All other relevant stakeholders e.g. the vulnerable, Associations, religious groups etc.

c)    Perform a Regulatory Impact Assessment (RIA) analysing:
i.    The problem being addressed by the policy or proposed law;
ii.    Objectives of the policy or law;
iii.    Options considered in dealing with the problem
iv.    Whether the benefits justify the costs and what the likely costs to consumers and businesses are; including a calculation of the enforcement and administrative burdens.
v.    How the proposed policy will be implemented.

Regulatory Impact Assessment Report

The RIA report should include the following content:
a)    The problem statement and baseline scenario;
b)    The goals or objectives of the policy or proposed law;
c)    Identified/ considered options;
d)    Comparison of costs and benefits of options;
e)    Stakeholder consultations ( a full report);
f)    Selection of the best option and recommendations; and
g)    An Implementation, monitoring and evaluation plan.

See the RIA template here