A Minister of the Crown may issue and from time to time revise a code of practice in relation to the exercise of regulatory functions.

Any person exercising a regulatory function to which this section applies must, except in a case where subsection (3) applies, have regard to the code in determining any general policy or principles by reference to which the person exercises the function.

Any person exercising a regulatory function to which this section applies which is a function of setting standards or giving guidance generally in relation to the exercise of other regulatory functions must have regard to the code in the exercise of the function.

The duties in subsections (2) and (3) are subject to any other requirement affecting the exercise of the regulatory function.