Informations and abstract
Keywords: Quality regulation, better regulation, impact assessment, independent authorities, financial regulation.
Financial regulators are subject to both sector specific quality regulation principles as well as broader principles of good regulation, all defined by international and European institutions. Ex ante and ex post regulatory impact analyses, including burden reduction assessments, are among the main instruments to improve these principles and eventually to improve quality regulation generally. The Italian financial authorities are one of the few independent rule-makers in Europe subject to specific duties to conduct ex ante and ex post impact analysis, even though such instruments have not been applied with full vigour yet. The paper focuses on the procedural and organizational implications of the statutory obligation to perform Impact Assessment (IA). Specific attention is given to factors which influence the quality of IA, drawn from the experience of Italian and foreign regulators. The paper specifically analyses criteria for wide consultations in IA procedures, the importance of an adequate consideration of quantitative and qualitative factors, the need for regulatory planning and a sort of de minimis rule, the opportunity for administrative oversight and the risk of the judicial control.