This memorandum implements the Government's commitments to reduce red tape and give a high priority to regulatory reform.

1. Regulatory initiatives plan

I request that you ensure each agency within your portfolio has completed prior to 30 June each year a 'regulatory initiatives plan'. Each plan should briefly describe the proposals for new legislation and regulation, set out any anticipated reform of the existing stock of regulation administered by the agency to be considered in the forthcoming financial year, or any planned discussion papers or consultation proposals. Regulatory initiatives plans need only include a brief description of initiatives.

The regulatory initiatives plan for the agencies in your portfolio for the 1995/96 financial year should be submitted to me by 31 July 1995. These plans will assist with the co-ordination and integration of regulatory policy and reforms across government, in accordance with the Government's Economic Development policy. They will also be used by the Government to establish a target for reducing legislation and regulation during its first term.

2. Reporting regulatory reform

To ensure the government meets its commitment to report annually to Parliament on regulatory reform I request that you ensure that each agency in your portfolio prepares prior to 31 July 1995 and prior to 30 June in each subsequent year a report setting out the regulatory reforms that have been achieved in the previous year. These reports should:

include brief descriptions of the reforms agencies have undertaken to reduce the regulatory burden on business;
identify initiatives where agencies have moved from command-and-control regulation to more innovative solutions;
identify the link between any new regulation and the market failure being addressed; and
identify or estimate compliance costs of new regulatory controls.

3. Cabinet minute requirements: application of best practice assessment principles