UK "historic" deal on media self-regulation

British media are understandbly abuzz with criticism directed at the all-party agreement on a royal charter to create a new independent media regulator with powers to impose fines and demand prominent corrections, and empower courts to impose exemplary damages on newspapers that fail to join the body. The deal is said to have been finalised at 2.30 am on 18 March, in presence of representatives of the three parties and the phone hacking scandal victims Hacked-Off.
According to the PM, the new royal charter only sets up the body and criteria to recognise the regulator, and it remains a voluntary choice for the industry to decide whether to set up the system of independent regulation. If newspapers refuse to co-operate with the regulator, or set up a body that is not accepted by the new recognition panel, they will be more liable to exemplary damages in the event that they recklessly publish inaccurate stories (see informed comment by Hollywood Reporter). Newspapers have said they would seek legal advice. Owing to the difficulty of regulating the media while respecting the freedom of expression, it will be interesting to examine the final architecture of this new example of controlled self-regulation. See Guardian article for more.

Water regulator defines own RIA method (UK)

In a recently published policy document, OFWAT, the economic regulator of the water and sewerage sectors in England and Wales has committed to improving its decision making process and reviewed it use of impact assessments (IA). Their goal is to ensure that decisions are targeted (only at the areas where they are necessary), proportionale to the issues at stake, accountable, consistent and transparent. OFWAT gives its definition of IA, describes what information they will contain, when the procedure will be used and how impacts will be reviewed. Though the IA process is now well-known, it is good practice for a regulator to take steps to inform the public on what to expect from such a technical improvement to its decision making process (from a tip from Tom Kiedrowski at OFWAT.) 

News from the self-regulation world

Here are my meeting notes of the CEPS lunchtime seminar on Self Regulation and Regulation where I got a good update on how self regulation had been contributing to the wider BR agenda (we classify self regulation among the "alternatives to regulation" with co-regulation and softlaw).