(1)The Welsh Ministers must make a code of practice setting out their policy on—
(a)the carrying out of regulatory impact assessments in connection with relevant Welsh subordinate legislation, and
(b)the carrying out of consultation in connection with regulatory impact assessments,
(“the regulatory impact assessment code”).
(2)For the purposes of this section—
(a)a regulatory impact assessment is an assessment as to the likely costs and benefits of complying with relevant Welsh subordinate legislation, and
(b)subordinate legislation is relevant Welsh subordinate legislation if it is made by the Welsh Ministers, the First Minister or the Counsel General and the statutory instrument (or a draft of the statutory instrument) containing it is required to be laid before the Assembly.
(3)The Welsh Ministers—
(a)must keep the regulatory impact assessment code under review, and
(b)may from time to time remake or revise it.
(4)Before making, remaking or revising the regulatory impact assessment code, the Welsh Ministers must consult such persons as they consider appropriate.
(5)The Welsh Ministers must publish the regulatory impact assessment code when they make it and whenever they remake it; and, if they revise the code without remaking it, they must publish either the revisions or the code as revised (as they consider appropriate).
(6)If the Welsh Ministers publish a code or revisions under subsection (5) they must lay a copy of the code or revisions before the Assembly.