Guidelines and template for application of the SME Test

This SME Test has been designed to invite consideration of less stringent compliance requirements for smaller companies, where appropriate and proportionate, including simplification of regulatory adherence through the use of templates, reduced regulatory thresholds for SMEs, and the use of exemptions where possible.

Enhancements to the SME Test in 2024 include:

• stronger language
• reference to broader policy rather than just legislation
• more detailed screening questions
• increasing the prominence of the consultation step
• recording positive and negative impacts on SMEs
• requirement to publish completed SME Test