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14 November 2013

Icelandic independent regulatory council

An announcement from our colleague Pall Thórhallsson: This week, the Icelandic Government tabled a bill in Parliament proposing an independent regulatory council. The Council will review draft legislative bills and proposals for secondary laws which have a significant impact on businesses and competition. The Council will in particular scrutinise the impact assessments accompanying regulatory proposals. The opinions of the Council will be published on its website and attached to Government bills. Parliamentary Committees are also invited to consult (i.e. they are not obliged to do so) with the Council on members bills and on amendments to Government proposals. The Council can also at its own initiative issue opinions on Parliamentary documents in its field. Furthermore, the Council will issue statistics on the evolution of regulatory burdens of businesses. The bill makes clear that not only administrative burdens should be monitored, but also compliance burdens in general. Tax proposals and proposals based on minimum requirements due to the agreement on the European Economic Area (i.e. the incorporation of EU-law) are excluded from the mandatory scrutiny of the Council. The bill was drafted following a Seminar held in Reykjavik on 2-3 September 2013 in which Nick Malyshev from the OECD, Michael Gibbons from the UK Regulatory Policy Committee and Peter Bex from SIRA-Consulting took part. For more, see English translation of the bill and to the Government´s action plan in this field. 
See also recent post on the Norwegian regulatory council which cites the other European oversight authorities (GE, NL, UK.)

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