5Regulatory impact statements

#### 5 Regulatory impact statements 5 Regulatory impact statements > > (1) Before a principal statutory rule is made, the responsible Minister is required to ensure that, as far as is reasonably practicable, a regulatory impact statement complying with Schedule 2 is prepared in connection with the substantive matters to be dealt with by the statutory rule. > > > (2) Before a principal statutory rule is made, the responsible Minister is required to ensure that, as far as is reasonably practicable, the following provisions are complied with— > > > > > (a) A notice is to be published in the Gazette and in a daily newspaper circulating throughout New South Wales and, where appropriate, in any relevant trade, professional, business or public interest journal or publication— > > > > > > > (i) stating the objects of the proposed statutory rule, and > > > > > > > (ii) advising where a copy of the regulatory impact statement may be obtained or inspected, and > > > > > > > (iii) advising whether, and (if so) where, a copy of the proposed statutory rule may be obtained or inspected, and > > > > > > > (iv) inviting comments and submissions within a specified time, but not less than 21 days from publication of the notice. > > > > > (b) Consultation is to take place with appropriate representatives of consumers, the public, relevant interest groups, and any sector of industry or commerce, likely to be affected by the proposed statutory rule. > > > > > (c) All the comments and submissions received are to be appropriately considered. > > > (3) The nature and extent of the publicity for the proposal, and of the consultation regarding the proposal, are to be commensurate with the impact likely to arise for consumers, the public, relevant interest groups, and any sectors of industry or commerce from the making of the statutory rule. > > > (4) In the event that the statutory rule is made, a copy of the regulatory impact statement and all written comments and submissions received are to be forwarded to the Legislation Review Committee within 14 days after it is published. > > > (5) Comments and submissions received within one week before the statutory rule is submitted to the Governor (or at any time afterwards) need not be considered or forwarded to the Legislation Review Committee. > > > (6) Section 75 of the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015) does not apply to notices required to be published under this Act. > > **s 5:** Am 1993 No 48, Sch 1 (1); 2002 No 77, Sch 2.2 \[3\]; 2006 No 43, Sch 2.3 \[1\]; 2023 No 7, Sch 1.20\[1\] \[2\].