• It is vitally important that regulatory frameworks keep pace with new technologies in a way that facilitates and does not hinder innovation. Effective regulation therefore needs to be designed and executed in consultation with industry to create a more competitive and a safer environment.

• All new regulations should be critically assessed during development and then harmonised across the EU to avoid any negative impact on the business environment.

• Regulations are necessary, but they should be transparent and cost-effective. Regular auditing and sense testing of rules is required to eliminate outdated and inefficient policies before new legislation is introduced.

• In addition, regulators must be properly resourced and funded to implement and enforce new rules and standards and avoid undue delays in the introduction of new products to the market.