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Regulators’ Compliance Code

Regulators’ Compliance Code. Zoë Dayan Secondee Ministry of Economy, Lithuania. Why?. To promote efficient and effective approaches to regulatory inspection and enforcement … to improve regulatory outcomes without unnecessary burdens. How?.

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Regulators’ Compliance Code

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  1. Regulators’ Compliance Code Zoë Dayan Secondee Ministry of Economy, Lithuania

  2. Why? • To promote efficient and effective approaches to regulatory inspection and enforcement … to improve regulatory outcomes without unnecessary burdens

  3. How? • By embedding a risk-based, proportionate and targeted approach to regulatory inspection and enforcement. • That means regulators and inspectors need a positive and proactive approach to compliance: • Help and encourage business to understand and meet regulatory requirements more easily • Respond proportionately to regulatory breaches

  4. Is it law? Yes – must have regard to the Code and give it due weight when setting policies, standards and giving guidance …..but does not apply directly in individual cases

  5. The Code (1) • Consider impact on economic progress – benefits should justify the costs and impose minimum burden to achieve the objectives. • Allocate resources on the basis of risk assessment to outcomes • Provide information, advice and guidance to help understanding and compliance.

  6. The Code (2) • Inspections should be decided by risk assessment • Balance the need for information with its cost • Reward compliance • Regulators are accountable – (while independent).

  7. How was it implemented? From the centre • Workshops with all regulators • Support and training • Came into force after 2 years development • Review after 1-3years Regulators • Statement of how they take account of the Code • Write into their policies (principles, actions, measures) • Training for all inspectors • Annual report (to public, ministry and Parliament)

  8. And now? NEW! • Code is being updated (5yrs old) What have we learnt? Risk-based approach generally well used Some fantastic advice and guidance External certification not taken into account Patchy consultation about changes Very weak appeals processes

  9. Clearer expectations and dialogue • Particularly: • Support growth by minimising costs of compliance • Consult on impact of changes to policies/practice/service standards • Be clear about why something is non-compliant and what is needed • Clear mechanism for reasonable appeal • Take external verification into account • Share information • Provide helpful, assured guidance and advice, distinguishing legal reqts from good practice

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