Part 2: Regulators Reporting requirements
Section 22 of the Legislative and Regulatory Reform Act 2006 (LRRA) places duties on a person whose regulatory functions are specified by order under section 24(2) of the LRRA (i.e. a regulator), to have regard to any code of practice issued under section 22 in the exercise of certain functions. The current code of practice, issued in April 2014, is called the Regulators’ Code.
	Section 108(1) of the Deregulation Act 2015 places a duty on a person exercising regulatory functions to be specified by order under section 109(1) (i.e. a regulator) to have regard, in the exercise of those functions, to the desirability of promoting economic growth (the growth duty).
	Together, these two measures are intended to support a positive shift in the way regulation is delivered by regulators.
	There is currently no express legal requirement for regulators to report on how they have performed their duties under the Regulators’ Code or the growth duty ("the Duties"). Consequently, not all regulators publish such information, which makes it very difficult to measure the effect the Duties have had and assess whether or not they benefit business.
	These provisions amend the LRRA and the Deregulation Act 2015 by requiring a regulator to report on the effect that their performance of the Duties has had on the way it has exercised those functions to which the Duties apply. It also requires regulators (other than the Commission for Equality and Human Rights in respect of the Regulators' Code) to provide information about that effect to a Minister when requested to do so from time to time. The aim is to ensure regulators are more transparent about the action they have taken in respect of the Duties.