This page sets out our approach to seeking the following from the Regulatory Policy Committee:
- verification of our business impact target scores for qualifying regulatory provisions;
- assurance on our summary of non-qualifying regulatory provisions.
It also features the documents we have submitted to the Committee.
What Does This Mean?
The business impact target (BIT) concerns the economic impact of regulation on business. Under the provisions of the Small Business and Enterprise Act 2015, government departments and regulators are required to publish a list of new or amended regulatory activities and the economic impact of those activities on business.
Regulatory provisions are defined as qualifying regulatory provisions (QRPs) and non-qualifying regulatory provisions (NQRPs). Qualifying regulatory provisions are regulatory activities which are scored against the business impact target. Non-qualifying regulatory provisions are regulatory activities which are excluded from the business impact target. Regulators are required to publish lists of both QRPs and NQRPs - and before they do, they must submit them to the Regulatory Policy Committee for review.
Qualifying Regulatory Provisions
We will submit our assessments for qualifying regulatory provisions to the Regulatory Policy Committee for verification after implementation of the change. We will use the BRE BIT template to do so.
- submit assessments for large qualifying regulatory provisions (over £5 Million) as soon as they are ready;
- group related assessments by theme and send them together; and
- bundle small but unrelated assessments and submit them as soon as they are ready.
The Government's annual report on its delivery of the business impact target, usually published in June each year, must include all qualifying regulatory provisions coming into force in the year to 7 May. We will try to submit our qualifying regulatory provisions to the Regulatory Policy Committee as early as possible to enable the committee to process them in good time for publication. We will try to avoid submitting assessments during this period which are for inclusion in a subsequent annual report.
Non-Qualifying Regulatory Provisions
We intend to provide the Regulatory Policy Committee with our final draft annual NQRP summary as early as possible so that the committee can provide timely advice on its completeness prior to publication.
We will keep the Regulatory Policy Committee informed of any changes to these plans.