Whatever business you are in then you will be regulated by someone. But our recent report Better Regulation for Wales highlights the fact that Wales’ current approach to the creation of regulation is failing both the regulated and those who regulate them.

With it becoming increasingly clear that further powers are going to be devolved to Cardiff Bay the amount of regulation being made in Wales is only going to increase. But it is vital that any regulation created her in Wales is well-designed and does not place needlessly heavy burdens on smaller businesses.

We want to see Wales learn from some of the best examples in Europe and adopt an approach to regulation that will make it easier for both businesses and regulators to work with.

For example, in 2006, the Swedish Government announced its Better Regulation Programme with a clear aim to 'to achieve a noticeable, positive change in the day-to-day operations of businesses'.

We would like to see our First Minister Carwyn Jones do the same, and take ownership of regulation across government.

The Welsh Government could also improve the current impact assessment process. Strides have already been made at Westminster and in the Scottish Parliament on this and there is no reason why Wales should be left behind.

Alternatively, the Netherlands provides a good example, with its Advisory Board on Administrative Burdens providing independent advice and guidance to government and parliament on minimising regulatory burdens on firms and citizens.

Finally, the Welsh Government could commission already existing UK bodies, such as the Better Regulation Delivery Office to drive up performance in the delivery of regulation on the ground, where it matters most to small firms.

By taking up these measures we can make Wales a better regulated place in the best sense of that phrase, and in doing so make South Wales a better place to do business.