Best practice regulations; special reference to reducing unnecessary regulatory burdens in business

Zahid, Ismail and Mohd Yazid, Abdul Majid and Zuhairah Ariff, Abd Ghadas (2018) Best practice regulations; special reference to reducing unnecessary regulatory burdens in business. In: International Conference on Law and Globalisation 2018, 21 Oct 2018, UniSZA.

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Abstract

As Malaysia moves towards the national aspiration of a high-income and developed economy, the government will be facing the challenges of conflicting economic and social objectives which are aimed to benefit the community generally. Good regulations and good regulatory regime are necessary to achieve the balance. High quality regulation is both effective in address an identifiable problem and efficient in terms of minimizing unnecessary compliance and other costs imposed on the community. The best regulations achieve their objectives and at the same time deliver the greatest benefit to the community. By contrast, poor regulation may not achieve its objectives and can impose unnecessary costs, impede innovation, or create unnecessary barriers to trade, investment and economic efficiency. This paper discusses the importance of best practice regulations with special reference to reducing unnecessary regulatory burdens. This paper applies data from the primary and secondary sources.

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