OECD Regulatory Policy Outlook 2018

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Laws and regulations govern the everyday life of businesses and citizens, and are important tools of public policy. Regulating has never been easy, but the overwhelming pace of technological change and unprecedented interconnectedness of economies has made it a daunting task. The 2018 Regulatory Policy Outlook, the second in the series, maps country efforts to improve regulatory quality in line with the 2012 OECD Recommendation on Regulatory Policy and Governance, and shares good regulatory practices. It provides unique insights into the organisation and institutional settings in countries for designing, enforcing and revising regulations. It also highlights areas of the regulatory cycle that receive too little attention from policy makers. Finally, it identifies areas where countries can invest to improve the quality of laws and regulations and presents innovative approaches to better regulation.

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Iceland has made significant efforts over the last few years to improve their systems for RIA and stakeholder engagement. On 1 January 2016, the new Law on Public Finances no. 123/2015 came into force, which establishes the requirement to conduct RIA for all primary laws (Article 66). This provision is reinforced by the Cabinet Resolution of 10 March 2017, which establishes the requirement to draft and circulate a “Legislative Intent” document with preliminary impact assessment to other Ministries for comment prior to drafting a bill. Once the Ministries have commented, the Resolution also requires an early-stage consultation on the same document and preliminary RIA with citizens and stakeholders. The Resolution also calls for public consultation on the full draft bill and full RIA before being presented to Cabinet.

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