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Impact assessments

An impact assessment (IA), (which replaced regulatory impact assessments in May 2007) is a short structured template published with regulatory proposals, new legislation and policy implementation. It concisely describes the issue and identifies costs and benefits that are likely to impact the public, private and/or third sector. An IA must accompany any published new legislation (including European legislation). An IA is an important tool to ensure that the principles of good regulation are followed: proportionality, accountability, consistency, transparency, targeting.