Ciarán Cuffe (Dún Laoghaire, Green Party)
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Question 70: To ask the Minister for Finance if he has examined the possibility of extending the guidelines for regulatory impact analysis of new regulations to the Financial Regulator as it has delegated responsibility for regulating businesses and has had to develop its own methodology of RIA which in turn may not have led to maximum objectivity in regard to the introduction of its regulations. [24806/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Following a Government Decision on 21 June last year, Regulatory Impact Analysis (RIA) is now to be applied to all new proposals for primary legislation and significant Statutory Instruments that involve changes to Ireland's regulatory framework, and proposals for EU Directives and significant EU Regulations when they are published by the European Commission.

While the Government Decision did not extend to regulations made or codes issued by the Financial Regulator, the Financial Regulator has committed itself to carrying out RIAs in relation to all major proposals. The manner in which the Financial Regulator proposes to undertake RIAs, which was set out by its Chief Executive Officer at the Finance Dublin Conference last March, is fully consistent both with best practice standards and the principles of the Better Regulation initiative. Indeed the Deputy may wish to note that the Financial Regulator participates on the Department of the Taoiseach's Better Regulation Group where it has assisted with the development of policies in relation to RIA and public consultation.