Exercise of regulatory functions
110Guidance on duty under section 108
(1)
A Minister of the Crown may from time to time issue guidance as to the performance of the duty under section 108(1).
(2)
The guidance may include guidance—
(a)
as to the ways in which regulatory functions may be exercised so as to promote economic growth;
(b)
as to how persons who have the duty may demonstrate, in a way that is transparent and accountable, that they are complying with it.
(3)
A person who has a duty under section 108(1) must have regard to any guidance issued under subsection (1).
(4)
Before issuing guidance under subsection (1), the Minister must prepare a draft of the guidance.
(5)
The Minister must then consult the following about the draft—
(a)
persons who appear to be representative of persons who have a duty under section 108;
(b)
such other persons as the Minister considers appropriate.
(6)
If the Minister decides to proceed with issuing the guidance (either in its original form or with modifications), the Minister must lay the draft before Parliament.
(7)
Where the draft is approved by a resolution of each House of Parliament, the Minister may issue the guidance.
(8)
Guidance issued under subsection (1) is to come into force on such date as the Minister may by order made by statutory instrument appoint.