SCHEDULE 2 - Provisions ApplyiSCHEDULE 2 - Provisions Applying to Regulatory Impact Statements

# SCHEDULE 2 - Provisions Applyi SCHEDULE 2 - Provisions Applying to Regulatory Impact Statements *\[Schedule 2 Amended by No. 77 of 1994, s. 16 \]* [Section 5](#GS5@EN) > **1.**   A regulatory impact statement must include – > > > > (a) a statement of the objectives sought to be achieved and the reasons for them; and > > > > > (b) an identification of the alternative options by which those objectives can be achieved (whether wholly or substantially); and > > > > > (c) an assessment of the costs and benefits of the proposed subordinate legislation, including the costs and benefits relating to resource allocation, administration and compliance; and > > > > > (d) an assessment of the costs and benefits of each alternative option to the making of the subordinate legislation (including the option of not proceeding with any action), including the costs and benefits relating to resource allocation, administration and compliance; and > > > > > (da) an assessment of the impact of the proposed subordinate legislation on competition and, where a significant restriction on competition is identified, an evaluation of whether the benefits of the proposed restriction outweigh the likely costs and, if so, whether the restriction represents the absolute minimum that is necessary in the public interest; and > > > > > (e) an assessment as to which of the alternative options involves the greatest net benefit or the least net cost to the community; and > > > > > (f) a statement of the consultation programme undertaken and to be undertaken. > **2.**    > > > (1) Where costs and benefits are referred to in this Schedule, economic, social and environmental costs and benefits, both direct and indirect, are to be taken into account and given due consideration. > > > (2) Costs and benefits must, where possible, be quantified. If this is not possible, the anticipated impacts of the proposed action and of each alternative must be stated and presented in a way that permits a comparison of the costs and benefits.