On May 3, UK GVT issued economic growth regulatory functions order.
UK GVT published the Economic growth (regulatory functions) (amendment) order 2024 (StIn 2024/587) which makes amendments to the 2017 Order (StIn 2017/267).
Follows UK GVT issued draft instrument re economic growth order 2024, see #192228.
Amendments
Section 108 of the Deregulation act 2015 imposes a duty on any person exercising a regulatory function which is specified in an order made by a minister of the crown under section 109 of the Act, to have regard to promoting economic growth.
The term regulatory function is defined in section 111 of the Deregulation act 2015.
Amends 2017 order which specifies reg functions to which the duty in s 108 applies.
This order does that by amending part 1 of schedule to 2017 order which specifies regulatory functions exercised by named regulators so as to include 3 extra regulators.
The three additionally named regulators are the Gas and Electricity Markets Authority, the Office of Communications (OFCOM) and the Water Services Regulation Authority.
Order excludes regulatory functions of 3 additional regulators relating to competition where those functions are concurrent with competition functions of the UK CMA.
Re OFCOM, this order excludes regulatory functions under Pt 3 of Enterprise act 2002 (relating to relevant types of merger) and those which are online safety functions (as defined in Online safety act 2023) for a time limited period until end of Apr. 5, 2026.
Effectiveness
The order comes into force on May 21, 2024.
Regulators
UK GVT
Entity Types
CNSM; Corp
Reference
StIn 2024/587, 5/3/2024; DA 2015 (UK); EA 2002 (UK); OSA 2023 (UK); Citation: StIn 2024/587; StIn 2017/267;
