As a statutory regulator, the North Sea Transition Authority was required by the Small Business Enterprise and Employment Act 2015 to publish an assessment of the economic impact on business of changes to regulatory policies and practices which are in scope of the Business Impact Target (BIT). Section 18 of the Retained EU Law (Revocation and Reform) Act 2023 repeals the BIT and abolishes the requirement for statutory regulators to publish an annual BIT report.
Previously published BIT assessments are set out below. Under the previous process the NSTA was required to publish
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BIT assessments for qualifying regulatory provisions (QRPs) along with the BIT score
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a summary of non-qualifying regulatory provisions (NQRPs), that fall within the administrative exclusions set out in the written ministerial statement
An independent verification body, the Regulatory Policy Committee (RPC) validated the estimates of the economic impact on business for the QRPs and confirmed the status of NQRP measures.
Summary of NSTA QRPs
There were no QRP’s identified for years 2017 to 2022.