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19 November 2020, 11:55

Bill on self-regulatory organizations passes first reading in Belarus parliament

MINSK, 19 November (BelTA) – The bill “On self-regulatory organizations” passed the first reading at the meeting of the fourth session of the House of Representatives of the National Assembly of the seventh convocation on 19 November, BelTA has learned.

The draft law is aimed at creating legal conditions for the introduction of mechanisms for self-regulation of business and professional activity in Belarus, which is an important element of the country's economic development strategy.

Self-regulation implies an alternative mechanism of private control and regulation of business and professional activity. Its key idea is the distribution of functions of control and supervision over the activities of entities in a certain area and responsibility for their actions between the government and market participants.

Global experience shows that self-regulation of business can be an effective alternative to government intervention in the economy, lowering government regulation costs, and securing greater flexibility and attention to the interests of market participants.

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