Updated: Statement of new regulation 7 published
The government has committed to being the first in history to leave office having cut the overall burden of red tape. This commitment is being implemented through:
- the ‘One in one out policy’, which means any new regulation imposing costs on business is being off-set by deregulation of an equivalent amount
- the ‘Red tape challenge’ which is taking a fundamental look at all regulations currently on the statute books
- the moratorium on new regulations for micro-businesses and start-ups
The Treasury is committed to playing its part in this challenging but necessary agenda.
Every six months, each government department will publish a list of the new domestic regulations it intends to introduce, which fall in scope of the ‘One in one out policy’ - known as the statement of new regulation.
HM Treasury’s statement of new regulation 7, January to June 2014
| Impact assessment/RPC number | Title of measure | Description of measure | Date coming into force | Equivalent annual net cost to business (£m) | Link to impact assessment |
|---|---|---|---|---|---|
| BIS0389 | The Financial Services Act 2012 (Consumer Credit) Order 2013 | To transfer responsibility for consumer credit regulation to the Financial Conduct Authority, and various associated changes. This is a joint measure between BIS/HMT. | 01 April 2014 | £32m | |
| RPC13-FT-HMT-1817 | Deregulatory amendments to co-operatives legislation | To introduce an insolvency rescue procedure for industrial provident societies, raise the limit on individual subscriptions in withdrawable share capital, and introduce restrictions on inspections of registers of members. | 06 April 2014 | £0 | |
| RPC13-FT-HMT-1816 | Banking Reform Bill: modernisations to the Building Societies Act | To modernise certain parts of the Building Societies Act and create a level playing field between banks and building societies. | 18 February 2014 | £0 |
HM Treasury’s statement of new regulation 6, July to December 2013
No domestic measures in scope of the One-in, Two-Out rule will be introduced between July and December 2013.
| Impact assessment number | Title of measure | Purpose of the measure | Date came into force | Equivalent annual net cost to business (£m, 2009) | Impact assessment |
|---|---|---|---|---|---|
| EU measures – out of scope of the One-in, Two-out rule | |||||
| HMT1306 | Credit Rating Agency 3 Regulations – Defining civil liability terms | To define key terms in a directly applicable EU regulation (CRA 3) and introduces a limitation period for making claims under this regulation. | July 2013 | Est. by HMT as low-cost regulation | N/A |
| HMT1304 | Alternative Investment Fund Managers Directive | To establish an EU-wide harmonised framework for monitoring and supervising risks posed by Alternative Investment Fund Managers (AIFMs) and the funds they manage (AIFs); and for strengthening the internal market in alternative investment funds. The Directive contains provisions relating to the conduct of business, transparency and marketing, and provides for the cross-border managing and marketing of funds. | July 2013 | Est. by HMT £1,238 | Impact assessment |
| HMT1307 | Alternative Investment Fund Managers Directive (technical measures on charity funds and 3rd countries) | To establish how non-UK firms can be marketed to UK investors under Alternative Investment Fund Managers Directive and how the Financial Services Compensation Scheme should apply to non-UK firms. | July 2013 | Est. by HMT as low-cost regulation | Impact assessment |
HM Treasury’s statement of new regulation 5, January to June 2013
| Impact assessment number | Title of measure | Purpose of the measure | Date came into force | Equivalent annual net cost to business (£m, 2009) | Impact assessment |
|---|---|---|---|---|---|
| HMT 1142 | Amendents to UK Covered Bond Regulations 2008 | To increase the appeal of UK covered bonds to investors by increasing transparency and making UK covered bonds more easily comparable with those from other European countries | January 2013 | £0 | Impacts |
| HMT 1206 | Customer Insurance (Disclosure ad Representations) Act 2012 | To update UK law relating to pre-contractual disclosure for consumer insurance and simplify the existing legal framework | April 2013 | -£0.47 | TBC |
| EU measures – outside the scope of the One-in, Two-out rule | |||||
| HMT 1204 | Contractual Scheme Regulation | Creates a new fund vehicle for the UK investment management industry. | June 2013 | £0 | Impacts |
| HMT 1305 | The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 | The measure makes a limited number of technical and definitional amendments to existing secondary legislation which impose obligations on the PRA and FCA with regard to their supervisory functions. | June 2013 | Est. by HMT as low-cost regulation | N/A |
HM Treasury’s statement of new regulation 4, July to December 2012
| In or out? | Impact asessment number | Title of measure | Purpose of the measure | Date the measure is due to come into force | Equivalent annual net cost to buiness (£m, 2009) | Impact assessment |
|---|---|---|---|---|---|---|
| In | HMT 1200 | Bank Executive Remuneration Disclosure | To require greater disclosure of non-board senior executives’ remuneration details | December 2012 | £0.04 | IA not published |
| In | HMT 1140 | Payment Sevices Regulations 2012 | To introduce a fit and proper pensions test to be conducted by the FSA on owners and managers of money remittance firms | October 2012 | £0.17 | Payments |
| Out | HMT 1122 | Money Laundering Regulations 2007 | To improve the implementation of the Third EU Money Laundering Directive | October 2012 | -£3.13 | IA not yet published |
| Out | HMT 1201 | UK implementation of the amended EU Prospectus Directive | To simplify the rules governing the prospectuses firms required to produce as part of the capital raising process | July 2012 | -£0.60 | IA not yet published |
HM Treasury’s statement of new regulation 3, January to June 2012
No new regulations came into force