A Recognised Body must, before making any amendment to its Business Rules, undertake public consultation on the proposed amendment in accordance with the requirements in this Rule.
For the purposes of Rule 2.11.5, a Recognised Body must publish a consultation paper setting out (a) the text of both the proposed amendment and the Business Rules that are to be amended, (b) the reasons for proposing the amendment, and (c) a reasonable consultation period, which must not be less than fourteen days from the date of publication, within which Members and other stakeholders may provide comments. The Recognised Body must lodge with the Regulator the consultation paper no later than the time at which it is released for public comment.
The Regulator may, where it considers on reasonable grounds that it is appropriate to do so, require the Recognised Body to extend its proposed period of public consultation specified in the consultation paper.
A Recognised Body must(a) facilitate, as appropriate, informal discussions on the proposed amendment with Members and other stakeholders including any appropriate representative bodies of such Persons;(b) consider the impact the proposed amendment has on the interests of its Members and other stakeholders; and(c) have proper regard to any public comments received.
Following public consultation, a Recognised Body must publish the final rules and consider whether it would be appropriate to discuss the comments received and any amendments made prior to publication.