The Regulators' Code
The Regulators' Code

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • The Regulators' Code
  • What is the Regulators' Code and who does it apply to?
  • Transparency and accountability in the Regulators' Code
  • What does this mean for regulators acting within the scope of the Code?
  • Monitoring

What is the Regulators' Code and who does it apply to?

The Regulators' Code is issued by the Secretary of State under section 22 of the Legislative and Regulatory Reform Act 2006 (LRRA 2006) and was presented to Parliament on 22 January 2014 for approval. It replaced the Regulators’ Compliance Code and is shorter, easier to follow than the 2008 Code, having been developed following consultation with national regulators, local authorities, businesses and trade bodies. The Regulators’ Compliance Code applied until 5 April 2014, at which point it was replaced by the Regulators' Code. The Regulators’ Compliance Code also replaced the Enforcement Concordat in so far as it was adopted voluntarily by regulators before the Statutory Code was introduced in 2008. Those regulators not covered by the scope of the 2014 Code are encouraged to adopt it voluntarily, in place of the Concordat.

The aim of LRRA 2006 was to promote good regulatory principles that reduced unnecessary burdens on business.

LRRA 2006, s 21 imposes a duty on any person exercising a specified regulatory function to have regard to the five principles of good regulation. The principles provide that regulatory activities should be carried out in a way which is transparent, accountable, proportionate and consistent and should be targeted only at cases in which action is needed.

LRRA 2006, s 22(2) provides that any person exercising a specified

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