(1) Before a Regulator makes, modifies or replaces Rules, it must publish a draft of the Rules on its website.
(2) The draft must be accompanied by a notice that representations about the proposal may be made to the Regulator within a specified time.
(3) Before the Regulator issues the Rules, it may have regard to any representations made to it in accordance with subsection (2).
(4) Subsections (1) to (3) do not apply if the Regulator considers that there is an urgent need to publish the Rules or that the delay involved in complying with such provisions would be prejudicial to its objectives.
(5) Any consultation on Rules undertaken in advance of these Regulations entering into force shall be deemed to have been undertaken in accordance with this section.