Exercise of regulatory functions

I1C1108Exercise of regulatory functions: economic growth

1

A person exercising a regulatory function to which this section applies must, in the exercise of the function, have regard to the desirability of promoting economic growth.

2

In performing the duty under subsection (1), the person must, in particular, consider the importance for the promotion of economic growth of exercising the regulatory function in a way which ensures that—

a

regulatory action is taken only when it is needed, and

b

any action taken is proportionate.