24 May. 2007 - The proposed IA methodology set out in the guidelines is consistent with the European Commission's own IA guidelines. This means that it involves identifying problems relating to institutional objectives, identifying possible solutions (including leaving it to the market to solve), analysing their potential impacts, consulting with stakeholders on preferred policy options, and taking their feedback in to account.
The expectation is that IA will apply to the work of the Level 3 Committees where the policy issues under consideration are likely to have significant structural and cost implications to consumers/investors and/or market participants. The scope of the Committees' IA work will take account of IA work to be conducted by the Commission or others. This is so as to avoid unnecessary duplication of effort and to ensure that the exercise adds value.
Comments on the proposed IA guidelines will be welcomed by 24 August 2007 and can be submitted online via CESR’s website.
In particular, the 3L3 Committees will be seeking the views of market participants on the following:
1. Do you think the proposed IA guidelines cover all key aspects of an impact assessment exercise?
2. Do you think market failure analysis and regulatory/supervisory failure analysis are given due consideration in the IA guidelines?
3. Does the consultation process in the IA guidelines (publication of the draft policy accompanied by the IA analysis, publication of responses received and feedback statement) cover all key aspects of consultation?
4. Do you think that the proposed IA guidelines are sufficiently practical to enable policy makers to conduct IA effectively?