The National Policy for Development and Implementation of Regulations will address the gaps in the national-regulatory infrastructure to position Malaysia to meet international best practices in regulations or Good Regulatory Practices (GRP). This will in turn enhance the transparency and predictability of regulatory actions and thus helps to create a more conducive business climate or environment and better quality of life. The government recognizes the fact that the regulatory actions will contribute towards developing an economy that not only attracts investments and industries that value good regulatory environment but also generates more employment and increase national wealth.
To meet the requirements of international best practices in regulations, the capacity and capability of the various institutions involved need to be upgraded and their governance and organizational structures need to be reviewed. It must therefore be undertaken in an integrated manner by involving the various ministries, agencies, industries and other stakeholders.
- Policy Objective
- To ensure Malaysia’s regulatory system effectively supports the country aspirations to be a high-income and progressive nation whose economy is competitive
- Policy Statement
Applies to all Ministries and Federal government regulatory authorities. Regulatory authorities must ensure:
- Demonstrate that a problem exists and government intervention is justified;
- Stakeholders are effectively consulted;
- Impact Analysis is conducted; the benefits outweigh the costs to citizens, government and businesses;
- Systems are in place to manage regulatory resources effectively;
- Regulations are consistent with international and intergovernmental agreements.
- Periodic Review
- 5 yearly reviews or earlier of the need arises
The National Policy for Development and Implementation of Regulations is subject to further consultation before the implementation of Best Practice Regulation that will be fully in place and take effect from 1 July 2012.
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V12.0 Draft National Policy on the Development and Implementation of Regulations.