The Global Symposium for Regulators (GSR) has published the 2019 Best Practice Guidelines (the Guidelines), which sets out regulatory best practice guidelines “to fast forward digital connectivity for all to allow all to participate in the digital economy and benefit from digital transformation”. As stated in the Guidelines:
If we are set to achieve the UN Sustainable Development Goals (SDGs) in our societies by 2030, we need to be open to new regulatory tools and solutions and act now. Digital connectivity can provide the canvas for achieving SDGs across the board and the transformative impact of digitalization will underpin progress on various development paths. The opportunities are within reach; however, they cannot be taken for granted.
The Guidelines set out the following seven design principles to respond to new technology paradigms and business models stemming from collaborative regulation:
- To achieve digital transformation, policy and regulation should be more holistic.
- Policy and regulation should be consultation and collaboration based.
- Policy and regulation should be evidence-based.
- Policy and regulation should be outcome-based.
- Policy and regulation should be incentive-based.
- Policy and regulation should be adaptive, balanced and fit for purpose.
- Policy and regulation should focus on building trust and engagement.
Additionally, the Guidelines set out five primary clusters of benchmarks to be used by regulators:
- Connectivity mapping.
- Metrics for market performance.
- Measuring regulatory maturity and levels of collaborative regulation.
- Impact assessment.
- Regulatory roadmaps.
Lastly, the Guidelines suggest the following as forming the core of collaborative regulation best practice:
- Space for digital experimentation.
- A pro-competition framework for the digital transformation.
- Regulatory incentives.
- Stakeholder engagement vehicles.
- Robust and enforceable mechanisms for consumer protection.
- Market-based and dynamic mechanisms for spectrum management.
- Regulatory impact assessments.
- Agile data-driven monitoring solutions.
- Diversified mechanisms for consumer engagement and feedback.
- Effective channels for dynamic collaboration among regulatory authorities.
- Regional and international cooperation.
- Regulatory expertise.
The 2019 Best Practice Guidelines are accessible here.
Please note: The information contained in this note is for general guidance on matters of interest, and does not constitute legal advice. For any enquiries, please contact us at [email protected].