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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Korea has significantly improved its regulatory policy system over the recent years. Ex post evaluation is mandatory for all regulations developed by the executive and central ministries are required to outline the intended evaluation plan as part of each RIA. Korea has been putting effort into systematically implementing this approach in practice. RIAs are undertaken for all subordinate regulations in Korea and for the primary laws initiated by the executive. To increase the quality of RIA and reduce the burden of preparing RIA statements, e-RIA was launched in May 2015, providing public officials with the data necessary for cost-benefit analysis.

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