The legal, policy and operational frameworks applying to the regulatory procedures operating within the ambit of my Department are subject to ongoing review. This is to ensure that, insofar as is possible, those procedures are fit for purpose. As part of that oversight, account is taken of developments in other sectors, where relevant.
The Government Statement on Economic regulation published in October, 2009 commits Departments and regulators to undertake "stress testing" of our regulatory systems against various challenging scenarios. Key economic Departments and regulators are initiating their respective stress-testing exercises which will help to ensure that Ireland's regulatory framework is continually adjusted to reflect changing markets, new technological developments, the climate change agenda and the international regulatory environment. The exercise in respect of regulators under the aegis of my Department is expected to be completed later this year.