as representatives of citizens of the country, from providing a policy direction to the regulator and, in certain cases predefined in the primary legislation, resorting to even more prescriptive modes of influencing regulatory decisions. On the contrary, this may be important to ensure that the regulator acts as an integral part of the system of good governance, promoting socio-economic interests of the country. However, it is important that such guidance and influence are subject to limits that ensure that the regulator is not subjected to day-to-day political decision making, but only to appropriately developed and promulgated transparent policies, defining long-term objectives of the Government. The Government considers that independent, sufficient, sustainable and predictable financing of a regulatory authority is an important condition of its independence and its ability to effectively exercise its functions. In this regard, the Government continues to support the system, under which the regulator is funded through fees collected from market players. However, it is important for such a system to also include regulator’s accountability for its use of funds collected, as well as results of regulatory activities. Furthermore, the Government believes that long-term sustainability of such a system can only be achieved, if costs of administering the regulatory framework, particularly recurrent costs, are kept within the means of the sector. Therefore the Government will encourage the regulator to gradually ensure that its recurrent costs are fully funded from reasonable fees collected locally, and reliance on external funding is gradually eliminated. One-off costs, related to investments that would significantly enhance the functioning of the regulatory framework and that would not be possible to make without an external support, are not covered by this approach. The Government also believes that independent, efficient and swift judicial review of regulatory decisions, as the only avenue for formal review of such decisions, is an essential part of a well-functioning regulatory framework and will, in collaboration with the judicial system, work to support this. A policy-making body will continue to play a leading role in areas that are closely linked to the general social policy of the country and may require politically-driven trade-offs between economic efficiencies and social objectives.” Further to the above, the Government will continue to support such bestpractice requirements for regulatory independence as transparent, impartial and merits-based selection of a head of the regulator; and a fixed-term in office for such a head, allowing early removal only on clear statutory predefined grounds and authority. Transparency and clear accountability of the regulatory authority for its work is another side of regulatory independence. However, the regulator should be primarily accountable for results, measured as per pre-defined performance criteria, rather than for day-to-day actions. In addition to external safeguards, including those set out above, the Government also acknowledges importance of internal safeguards of regulatory independence and impartiality, preventing regulatory capture and conflicts of interests of the regulatory staff. In the context above, the Government continues to be committed to the Approaches and Principles 39