Designing an Effective Regulatory Impact Assessment Framework for Hong Kong
Towards a more efficient society
When
Thursday, 15 November 2018 (Seminar)
14:00 - 19:00
Friday, 16 November 2018 (Workshop)
09:00 - 17:00
Where
Hong Kong General Chamber of Commerce
22/F, United Centre, 95 Queensway, Admiralty
Limited seats available. You don’t want to miss out!
REGISTER NOW
The Chamber has been championing the need for the adoption of a proper Regulatory Impact Assessment (RIA) system in Hong Kong by borrowing from best practices in other jurisdictions such as the UK. However, what does an RIA involve and how is its effectiveness measured? And what is the appropriate methodology and approach when constructing a specific and localised framework? This seminar aims to address these issues and more.
What is Regulatory Impact Assessment?
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 is a process of systematically identifying and assessing the expected effects of regulatory proposals, using the same analytical methods, such as benefit/cost analysis. It is a comparative process to determine the objectives of a new piece of regulation and identifying all the policy interventions that are capable of achieving such outcomes. The process also involves thorough assessment of feasible alternatives using a consistent methodology to allow decision makers to determine the effectiveness and efficiency of different options in a systematic manner. 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 is Regulatory Impact Assessment important to us?
Regulations are an essential 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 attend this seminar?
This is a unique 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. In conjunction with the Chief Executive's undertaking to remove regulatory bottlenecks and improve public governance, this seminar will make a timely and 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 enhancing our attractiveness as a premier international business centre.
What to expect?
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:
Meet the Speakers
Master Classes from Experts
Anthony
Browne
Chairman, Regulatory Policy Committee
James "Ike"
Brannon
President, Capital Policy Analytics
Senior Fellow, Jack Kemp Foundation
Former Senior Fellow, Cato Institute
Prof Richard
Wong
Chair of Economics, University of Hong Kong
Nicholas
Sallnow-Smith
Chairman, Lion Rock Institute
Programme
Listen to the speakers as they share their insights.
Registration
Welcome Remarks
Dr Aron Harilela
Chairman, The Hong Kong General Chamber of Commerce
Opening Speech
Mr Matthew Cheung
Chief Secretary for Administration of HKSAR
Regulating Smartly. Regulating Sustainably. How Independent Regulatory Scrutiny in the UK Has Made Regulation Better.
Anthony Browne
Chairman, Regulatory Policy Committee
Mr Browne brings a wealth of expert business experience to the position, having previously held the roles of Chief Executive of the British Bankers’ Association, Head of regulatory affairs at the US investment bank Morgan Stanley, co-founder of the HomeOwners Alliance, and Director of the Policy Exchange.
Mr Browne’s current roles include: Chair, HomeOwners alliance; Member, Advisory Board, Habito; Member, Advisory Board, Blockchain; Member, Advisory Board, CourtsDesk.
The Regulatory Policy Committee consists of 9 independent experts with experience and current knowledge of business, employee, consumer and economics issues. Members were appointed after an open competition which followed the Commissioner for Public Appointments’ code of practice.
Playing Catch-up with Innovation and Technology: Regulatory Challenges in a Rapidly Changing World
James "Ike" Brannon
President, Capital Policy AnalyticsSenior Fellow, Jack Kemp FoundationFormer Senior Fellow, Cato Institute
Mr Brannon is the President of Capital Policy Analytics, a consulting firm that focuses on issues related to public policy and financial markets. He is also a Senior Fellow at the Jack Kemp Foundation.
Prior to that, Mr Brannon was a visiting fellow, specialising in fiscal policy, tax reform, and regulatory issues, at the Cato Institute. He was previously a senior fellow for the Bush Institute and before that was director of economic policy for the American Action Forum. Brannon has also served as the chief economist for the House Energy and Commerce Committee, chief economist for the Republican Policy Committee, senior adviser for tax policy at the U.S. Treasury, principal economic adviser for Senator Orrin Hatch on the Senate Finance Committee, chief economist for the Congressional Joint Economic Committee, and senior economist for the Office of Management and Budget. He was also chief economist for the John McCain campaign in 2008 as well as an associate professor of economics at the University of Wisconsin, Oshkosh. His work has appeared in The Weekly Standard, The Financial Times, The Wall Street Journal, Bloomberg View, USA Today, and The Hill.
Mr Brannon has a PhD in economics from Indiana University and a BA in math, Spanish, and economics from Augustana College in Rock Island, Illinois. He also runs the Savings and Retirement Foundation and the Prosperity Caucus.
Q&A
Coffee & Tea Break
Regulation and Regulators as Enablers or Barriers of Business Opportunities
Prof Richard Wong
Chair of Economics, University of Hong Kong
Professor Y.C. Richard Wong, SBS, JP received his PhD from the University of Chicago in 1981. He was Visiting Scholar at the National Opinion Research Center, University of Chicago in 1985 and at the Hoover Institution, Stanford University in 1989.
Mr Wong is founding Director of the Hong Kong Centre for Economic Research (1987-) and the Hong Kong Institute of Economics and Business Strategy (1999-); a recipient of the Sir Antony Fisher International Memorial Award for his work in advancing economic research on policy issues in Hong Kong; and principal investigator of the Area of Excellence Grant in economic policy and business strategy awarded by the University Grants Committee in 1999; Chairman of the Council of the Becker-Friedman Institute, University of Chicago (2015-).
Mr Wong was awarded the Silver Bauhinia Star in 1999 by the Government of the Hong Kong Special Administrative Region in recognition of his contributions to education, housing, and industry and technology development. He was appointed a Justice of the Peace in 2000.
Business Booms when Governments Get Out of the Way: Fact or Fallacy?
Nicholas Sallnow-Smith
Chairman, Lion Rock Institute
Mr. Nicholas Sallnow-Smith is Chairman of the Board at the Lion Rock Institute, since April 2016.
Mr. Sallnow-Smith was previously Chairman of the Board at Link Asset Management Ltd. Mr. Sallnow-Smith also served as the Chief Executive at Hongkong Land and Northeast Asia CEO of Standard Chartered Bank. In addition, he has played leadership roles in schools, hospitals, charities and other public bodies.
He is a Member of the Financial Reporting Council of Hong Kong, an Independent Non-Executive Director of Wynn Macau Ltd., a Senior Independent Non-Executive Director of UCP Plc, a Director of Hong Kong Youth Arts Foundation and holds many other roles.
Q&A
Cocktail Reception
Refreshments & Registration
Introduction of host, workshop leads, attendees, agenda and objectives of the session
SESSION 1: MAKING REGULATION BETTER – THE FUNDAMENTALS
(1) The Better Regulation essentials: rationale, motivation and objectives of the RIA process.
(2) Better Regulation in practice: The case of the UK. Timeline & milestones, the Better Regulation Framework, the Business Impact Target and the Better Regulation Executive (BRE).
(*) Key lessons and take-away points.
Q&A
Coffee & Tea Break
SESSION 2: REGULATORY SCRUTINY – THE CASE FOR AN INDEPENDENT BODY
(1) Domestic regulatory scrutiny – reviewing regulatory measures independently: principles, objectives, processes.
(2) The case of the UK: the Regulatory Policy Committee (RPC). Legal-institutional framework, role & remit, the RPC in the policy cycle.
(3) Challenges of institutional independence of regulatory scrutiny. Benefits and achievements. How effective is independent regulatory scrutiny? What are the essentials for reviewing legislation independently?
(*) Key lessons and take-away points.
Q&A
Lunch
SESSION 3: REVIEWING LEGISLATION THROGHOUT THE POLICY-CYCLE
(1) Stages of regulatory scrutiny. Why is early scrutiny an effective tool to achieve better regulation?
(2) ‘Casework’ types and processes: Regulatory Impact (Ex-ante) Assessments, Ex-post Evaluations.
(*) Key lessons and take-away points.
Q&A
Coffee & Tea Break
SESSION 4: a) INNOVATION & REGULATION / b) SMALL AND MICRO BUSINESS ASSESSMENTS
(1) Responding to emerging technologies: innovation & regulation.
(2) Alternatives to regulation: overview of alternatives and how they can be used.
(3) Rationale and objectives of Small and Micro Business Assessments (SaMBAs).
(4) UK experience with SaMBAs.
(*) Key lessons and take-away points.
Q&A
Workshop Ends
Participation Fee
We are certain that there is so much to take away from this unique opportunity. Even better, there is a special offer for $500 if you sign up for both the seminar and workshop.
Register Now
Supporting Organisations
Seminar Sponsors
Location and Venue
We guarantee that it will be a Thursday well spent.
Venue
Hong Kong General Chamber of Commerce
22/F, United Centre, Admiralty
Additional details
For further enquiries and information, please contact Mr Ian Li at 2823 1242, or email ian@chamber.org.hk
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