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Regulation

Treasury written question – answered on 25th February 2013.

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Photo of Gordon Banks Gordon Banks Labour, Ochil and South Perthshire

To ask the Chancellor of the Exchequer how many regulations his Department introduced between 1 June 2012 and 31 January 2013; and what the anticipated cost is of each.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

The Treasury made 21 new regulations between 1 June 2012 and 31 January 2013. These are shown in the following table, along with estimates of cost where these have been made.

Regulation made Net average annual costs to business, the voluntary sector and the public sector
The Prospectus Regulations -£60,000. A net saving.
The Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2012 £120,000
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 This regulation implements the same policy as the regulation listed immediately above. Its cost is counted as part of £120,000 figure cited above.
The Payment Services Regulations 2012 £170,000
The Financial Services and Market Act 2000 (Gibraltar) (Amendment) Order 2012 No costs were anticipated from this regulation.
The Undertakings For Collective Investment In Transferable Securities (Amendment) Regulations 2012 No costs were anticipated as the regulation corrected minor errors in an earlier transposition of a Directive.
The Money Laundering (Amendment) Regulation 2012 -£3,130,000. A net saving.
The Syria (European Union Financial Sanctions) (Amendment No. 2) Regulations 2012 The cost of these regulations is negligible because these Regulations do not themselves impose requirements but reflect amendments to derogations made by the amending Council Regulation.
The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 Quantification of the costs of this regulation wasn't possible. There will be some cost on businesses. However these are anticipated to be incremental, since the UK already as a short selling regime in place, which these EU derived regulations replace.
Community Emissions Trading Scheme (Allocation of Allowances for Payment) Regulations 2012 No cost is foreseen from this regulation
The Financial Restrictions (Iran) Order 2012 The impact on business, charities or voluntary bodies is expected to be minimal, since the direction is in the same terms as that contained in the Financial Restrictions (Iran) Order 2011, and will not require any change in existing compliance procedures.
The Iran (European Union Financial Sanctions) (Amendment No. 2) Regulations 2012 The cost of these regulations is negligible, because these Regulations do not themselves impose requirements, but only put in place penalties in relation to activities which are prohibited by the directly effective Council Regulation.
The Equality Act 2010 (Amendment) Regulations 2012 There is no quantified cost for this regulation. The regulations implement a European Court of Justice ruling. The insurance industry will face costs from underwriting changes; marketing changes; sales changes; and losses as a result of consumer premium changes.
The Regulated Covered Bonds (Amendment) Regulations 2012 These changes will have no cost as they clarify existing requirements.
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2012 The impact on business, charities or voluntary bodies is negligible.
The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 -£1,390,000. A net saving.
The Belarus (Asset-Freezing) Regulations 2013 The cost of the regulations is negligible, because this instrument does not itself impose significant requirements, but only puts in place penalties in relation to activities which are prohibited by the directly effective Council Regulation
Financial Restrictions (Iran) (Revocation) Order 2013 The cost of the regulation is negligible.
The Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013 Any costs imposed by these regulations are part of the costs of the regulatory reforms made by the Financial Services Act 2012.
The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 The cost of these regulation is negligible, because these Regulations do not themselves impose requirements, but only put in place penalties in relation to activities which are prohibited by the directly effective Council Regulation.
The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013 Any costs imposed by these regulations are part of the costs of the regulatory reforms made by the Financial Services Act 2012.
Financial Services Act 2012 £86,000,000. Illustrative benefits of £140,000,000 to £1,100,000,000 per year were also estimated for the Act.

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