Institute welcomes Regulatory Responsibility Bill

4 AUGUST 2006

Institute welcomes Regulatory Responsibility Bill

The New Zealand Institute of Chartered Accountants is welcoming news that ACT leader Rodney Hide's Regulatory Responsibility Bill has been drawn from the ballot.

The Institute's director of government relations, David Pickens, said that the rationale for a bill on this issue isn't as simple as a need for more or less regulation.

"First and foremost, it is about better quality regulations. This means reducing compliance costs where possible but, equally, it is about increasing regulatory benefits, whether they are financial, social or environmental.

"This is an apple-pie type issue. Everyone should agree on the importance of investing in producing the best regulation possible. This investment will benefit everyone, not just business."

"We welcome the opportunity afforded Parliament to debate the shape of a Regulatory Responsibility Act and believe it would form an important part of the legislative framework necessary for the New Zealand economy to move forward."

Mr Pickens urged politicians to enter into an open and non-partisan exploration of the bill. He said the potential gains are too important to play politics on the issue.

The Institute's Journal published a 14-page feature article on regulatory responsibility in August last year that included sections from political parties, business and union groups, and environmentalists.

Mr Pickens said that the Institute would be making a submission on the bill and that he looked forward to continuing the Institute's strong support of the issue.

ENDS

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