Under the 2001 Act, a government minister can make a Regulatory Reform Order to "[reform] legislation which has the effect of imposing burdens", with a view to removing or reducing the regulatory burdens. The Act can only be used to reform existing legislation, so cannot be used to codify the common law, and can only be used where burdens are removed (although, unlike the 1994 Act, new burdens can also be imposed where proportional).
The 2001 Act grants a government minister authority to modify existing legislation to alleviate regulatory burdens. This power is restricted to reforming laws, not creating new ones, and only applies when burdens are reduced, unlike the 1994 Act which allows for both removing and imposing new burdens proportionally.