Regulatory review refers to changes that improve regulatory quality so as to enhance the economic performance, cost-effectiveness, or quality of regulations and related government formalities. Review can mean revision of a single regulation, the scrapping and rebuilding of an entire regulation or improvement of processes for making regulations and managing the review.
Our daily life is affected by regulations in a number of ways. Certainly regulations create direct benefits to our life. We look to regulations to help ensure we live safer lives, get treated fairly, protect and manage our environment, have a competitive and efficient economic environment, and easing the way of dealing with others. However, regulation also has negative and unintended impacts on our life. There is a real risk that an outdated, poorly implemented regulation can significantly impede innovation or create unnecessary barriers to productivity and economic efficiency.