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Consultation on Scottish Regulators' Strategic Code of Practice

Consultation on Scottish Regulators' Strategic Code of Practice

Monday, February 3, 2014

ISBN: 9781784122492

The Regulatory Reform (Scotland) Bill (the Bill) seeks to promote greater regulatory consistency by placing a statutory duty on listed regulators to exercise functions in a way which contributes to achieving sustainable economic growth. Powers for Scottish Ministers to issue a Code of Practice are included in the Bill. This consultation seeks views on a draft Scottish Regulators’ Strategic Code of Practice.

Executive Summary

The Regulatory Reform (Scotland) Bill (the Bill) seeks to promote greater regulatory consistency by placing a statutory duty on listed regulators to exercise functions in a way which contributes to achieving sustainable economic growth. This empowers regulators to align their activities and approach with the Government’s purpose of sustainable economic growth, and take economic factors appropriately into account.

Part 1 of the Bill was informed by responses to the Consultation on Proposals for a Better Regulation Bill. Responses in respect of the economic duty referred to the value of the UK Regulators’ Code, and further dialogue with stakeholders recognised the merit in providing guidance, through a Code of Practice, to provide clarification for regulators and the regulated on what is expected and how the duty would work. Powers for Scottish Ministers to issue a Code of Practice are included in the Bill.

We believe strongly that any Code of Practice must be developed by regulators and stakeholders and a short-life working group was established during 2013 to develop a draft Scottish Regulators’ Code of Practice for consultation. Group members included representatives from business and regulators. This consultation seeks views on a draft Scottish Regulators’ Strategic Code of Practice.