Part 2: Regulators Business Impact Target
Sections 21-27 of the Small Business, Enterprise and Employment Act 2015 (SBEE Act) require the Government of the day to publish a Business Impact Target (BIT) for the duration of the Parliamentary term, regarding the economic impact of new legislation on business, including voluntary and community bodies.
	The Government is required to measure and report on the economic impact of all new or amended "qualifying regulatory provisions" which come into force or cease to have effect over the course of the Parliament. Section 22 of the SBEE Act specifically describes which provisions can qualify for inclusion within the target and gives the Secretary of State the power to further determine measures that qualify for inclusion within the target ("qualifying regulatory provisions"). Currently the target covers legislation and regulatory activity undertaken by UK Ministers, including non-statutory regulators who exercise regulatory functions for or on behalf of UK Ministers. To increase transparency, the intention is to extend the scope of the target to include the regulatory activity of statutory regulators, as their activities have an impact on businesses. The list of statutory regulators subject to this measure will be specified in secondary legislation.
	Statutory regulators will be required to assess the economic impact on business of changes to their regulatory policies and practices that come into force or cease to have effect during the course of the Parliament. They will have to publish independently verified assessments and the verified figures will be incorporated into the Government's annual reports outlining its performance against the Business Impact Target.