Regulatory Policy and Principles Sample Clauses

Regulatory Policy and Principles. 1. Each Party shall establish a Cabinet-endorsed policy regarding the overall development and administration of regulatory requirements based on the principles and rules set out in paragraphs 2 and 3. 2. The Parties agree that their regulatory requirements: (a) respond to a clearly identified need for regulation; (b) are developed and implemented in a transparent manner; (c) are designed to be least trade restrictive; (d) are based on assessed risks, costs and benefits and minimized impacts on a fair, competitive and innovative market economy; (e) minimize differences and duplication, where appropriate, between the Parties; (f) are results-based, where appropriate and to the extent practicable; (g) are timely and reviewed on a routine basis and are not maintained if the need giving rise to their adoption no longer exists; and (h) are made easily accessible and written in language that can be easily understood by the public. 3. In the process of adopting or reviewing a regulatory requirement, each Party shall assess the impacts of the requirement on investors and investments of the other Party and on trade and labour mobility between the Parties. 4. Each Party shall provide a copy of its Cabinet-endorsed policy to the other and make it available to the public.