(1)Where the Scottish Ministers propose to issue or revise a code of practice under section 5, they must prepare a draft of the code (or revised code).
(2)In preparing the draft, the Scottish Ministers must seek to secure that it is consistent with the principles in subsection (3).
(3)The principles are—
(a)that regulatory functions should be—
(i)exercised in a way that is transparent, accountable, proportionate and consistent, and
(ii)targeted only at cases in which action is needed, and
(b)that regulatory functions should be exercised in a way that contributes to achieving sustainable economic growth, except to the extent that it would be inconsistent with the exercise of such functions to do so.
(4)The Scottish Ministers must consult the following about the draft—
(a)persons appearing to them to be representative of regulators in respect of which the code or revised code would apply,
(b)such other persons as they consider appropriate.
(5)If the Scottish Ministers decide to proceed with the draft (either in its original form or with modifications) they must lay the draft before the Scottish Parliament.
(6)Where the draft so laid is approved by resolution of the Parliament, the Scottish Ministers may issue the code (or revised code).