About the Seminar
Hong Kong enjoys a longstanding reputation as an attractive place to do business. That reputation is however being eroded as a result of 'regulatory creep'. This has become a drag on businesses, which have to set aside time and resources to achieve compliance. Legislation in itself is not a problem. At issue is whether legislation is necessary or whether there are other more effective alternatives. Major technological advances and socio-economic changes also mean that there is the need for reviews to ensure that regulations are relevant. This is especially important as Hong Kong actively seeks to promote itself as a hub for innovation and technology.
At the Chamber, we believe that there is a compelling need for a robust and rigorous RIA framework to assess new rules and conduct regular reviews of existing regulations. Achieving this would help sustain Hong Kong's competitiveness and enhance our business-friendly environment. The experience in other jurisdictions such as the UK and US on RIA implementation provides a useful gauge for Hong Kong and it is in that context that we have invited senior officials from these countries to talk to us.
What is Regulatory Impact Assessment (RIA)?
RIA is recognised by most developed countries as a key instrument to improve the quality of regulatory decision making. It has become widely adopted by member countries of the Organisation for Economic Co-operation and Development (OECD). RIA involves a systematic appraisal of the costs and benefits associated with a proposed new regulation and evaluation of the performance of existing regulations. RIA incorporates a public consultation process, as this provides better information and evidence to support the analytical process and gives different stakeholders the opportunity to identify and correct faulty assumptions and reasoning.
Why does Regulatory Impact Assessment (RIA) matter?
Regulations are an integral part of the "toolkit" of policy instruments governments can use to achieve their objectives, but regulations usually have widespread effects: they affect many different groups in our society and the effects can vary. Many of the effects are difficult to identify when a regulation is being considered. Therefore, RIA helps provide clarity on who will be affected by a regulation and how.
Why should you attend this seminar?
This is a special opportunity to hear first-hand, from a range of distinguished experts, in examining the methods and practices that Hong Kong could consider to enhance the law making and review process through a robust and vigorous RIA regime. This seminar will make a valuable contribution to the ongoing effort by all stakeholders to assist the Government in fulfilling the common goals of strengthening Hong Kong's competitiveness and maintaining our attractiveness as a premier international business centre.
What can you expect from this seminar?
The Chamber is pleased to have assembled a group of experienced and knowledgeable speakers, with expertise in good regulatory practices, to discuss various options for crafting an effective RIA framework, and exchange views on a design that suits Hong Kong. The seminar will cover a wide range of issues, including:
• What are the lessons that can be learned from other jurisdictions such as the UK and US in adopting better regulatory policies?
• How could RIA be adopted in Hong Kong to enhance our standing as a premier business destination?
• How could RIA implementation reduce various compliance costs, while still meeting the Government's policy objectives?
• How are the needs and interests of SMEs addressed?
• How should the public/stakeholder engagement process be enhanced?
• Who should assume responsibility for overseeing the RIA process?
14:00 Welcome Remarks by Dr Aron Harilela, Chairman, HKGCC
14:05 Opening Speech
14:15 Presentation by Ms Jennifer Jones, Assistant Director, Better Regulation Executive (UK)
Title: It's Not the Quantity but the Quality: Better Regulations for All (Proposed)
14:45 Presentation by Mr Dominic Mancini, Deputy Administrator, Information Policy Branch, Office of Information of Regulatory Affairs (US)
Title: Balancing Diverse Interests: Is There an Optimum Way to Legislate? (Proposed)
15:15 Presentation by Mr Brent Snyder, Chief Executive Officer, Competition Commission (HK)
Title: Competition Advocacy: Helping Policymakers Understand Why Competition Matters
15:45 Q & A
16:45 Cocktail Reception
18:00 End of Seminar
(Law Society of Hong Kong CPD point(s) has been applied for)
Register early to avoid disappointment!