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fpclub [Date : 2017-10-23 00:00:00 ]   
Subject Korea Herald Interview - Analytic Tools Crucial in Improving Regulatory Practices: US Adviser

Amid Korea’s continued strive for increased transparency and regulatory business reforms, the Fair Player Club and US
Embassy Seoul hosted a joint seminar on better regulatory compliance in Seoul on Thursday.

The seminar invited keynote speaker Aaron Szabo, senior adviser for International Regulatory Cooperation of the Office of Information and Regulatory Affairs in Washington, who shared the US’ approach for establishing analytic tools for regulatory design and review.

“The idea behind good regulatory practices is to establish how countries should establish their rules and regulations,” said Szabo, during an interview with The Korea Herald on Thursday at the US Embassy Seoul.

Aaron Szabo, senior adviser for International Regulatory Cooperation of the Office of Information and Regulatory Affairs in Washington, speaks during a joint Fair Player Club-US Embassy Seoul seminar at the American Center Korea in Seoul on Thursday. (Fair Player Club)


“This includes things such as centralized review, which is done in the United States through the Office of Information Regulatory Affairs ... that we are transparent, that would be both before the development of any rule, after proposing a rule, and then finalization,” he added.

The number of primary laws initiated by the National Assembly, Korea’s unicameral parliament, increased from 38.5 percent in 2000 to 86 percent in 2016, said the report titled “Regulatory Policy in Korea: Towards Better Regulation” released by the Organization of Economic Cooperation and Development earlier this year.

The report stated that most of these bills “lack regulatory quality of scrutiny or review.”

According to Szabo, Korea’s practice of establishing primary laws through the National Assembly is a cause for concern.

“I would note that one of the bigger concerns is ... approximately 80 percent of the regulation actions are done through the National Assembly, which goes around that RRC (Regulatory Reform Committee) process,” Szabo said, emphasizing the importance of an open and transparent multi-review system such as the US’ OIRA, despite the process meaning certain regulations could take years to fully enact.

While the OECD maintains that regulatory reform has been a top priority in Korea for several successive administrations, the organization stated that maintaining momentum for reform in Korea will be essential for producing tangible results and supporting inclusive growth, productivity and innovation.

According to the report, the 2015 OECD Indictors of Regulatory Policy and Governance show that Korea has performed slightly above the OECD average on its regulatory impact assessment. However, the report said there is still room for improvement including on the “quality of these practices and by extending these practices to the entire regulatory system.” The review also stressed the need for Korea to establish a clear strategy for regulatory policy in order to make better use of its deployed resources.

“I just want to emphasize the importance of good regulatory practices,” says Szabo. “While it means that the process might be slower, this initial outreach and work saves a lot of time in the back-end. I would say that is one of the successes in the US system.”

http://khnews.kheraldm.com/view.php?ud=20171013000737&md=20171016003056_BL

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[ Total : 347 | page : 18 ]
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No Subject Read File Date Writer
267   Korea Herald Interview - Analytic Tools Crucial in Improving Regulatory Practices: US Adviser 27459 17/10/23 Admin  
266   Law Times - Mr. Aaron Szabo, Senior Advisor for International Regulatory Cooperation, Office of Inf 23521 17/10/20 Admin  
265   Acrofan - The Fair Player Club Seminar for Better Regulatory Compliance with US Embassy Seoul 24021 17/10/20 Admin  
264   Embassy of Sweden in Seoul - Fair Player Club Seminar for Compliance and Business Ethics 23275 17/07/28 Admin  
263   BCCK News - Co-Hosts Seminar on Anti-Corruption 23519 17/07/27 Admin  
262   Better Future Media - [Global CSR Trend] Bribe Is the Biggest Enemy of Business. 23623 17/06/29 Admin  
261   Media SR - Fair Player Club Has Started its Cycle 3 Promoting Compliance and Business Ethics 23459 17/06/29 Admin  
260   Iohann LE FRAPPER - Responsible Business Conduct and Collective Action in Korea 23422 17/03/20 Admin  
259   News 1 - PARK Gyeong-ho, Vice Chair of Anti-Corruption and Civil Rights Commission, gave his lectur 23705 17/03/17 Admin  
258   News 1 - PARK Gyeong-ho, Vice Chair of Anti-Corruption and Civil Rights Commission, gave his lectur 23270 17/03/17 Admin  
257   Maeil Business Newspaper - ¡°Now is the era that higher levels of business ethics are required fro 24922 17/03/17 Admin  
256   Maeil Times - Seongnam Development Corporation participated in the Fair Player Club Summit 23363 17/03/17 Admin  
255   Sisa Magazine - PARK Won-soon, Mayor of Seoul Metropolitan Government, participated in Fair Player 23493 17/03/17 Admin  
254   News A - PARK Won-soon, Mayor of Seoul Metropolitan Government, participated in Fair Player Club fo 23263 17/03/17 Admin  
253   Arirang Journal - Songnam Development Corporation participated in the Fair Player Club Summit 23357 17/03/17 Admin  
252   Mimint News - Iohann LE FRAPPER, Vice Chair of the International Chamber of Commerce on Corporate R 23712 17/03/17 Admin  
251   SN Top News - Seongnam Development Corporation participated in the Fair Player Club Summit 23492 17/03/17 Admin  
250   Wellbeing News - Seongnam Development Corporation participated in the Fair Player Club Summit 23263 17/03/17 Admin  
249   Hansung News - Seongnam Development Corporation participated in the Fair Player Club Summit 23378 17/03/17 Admin  
248   Sisa sports - Seongnam Development Corporation participated in the Fair Player Club Summit 23358 17/03/17 Admin  

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