Regulatory transparency: draft regulations and public consultation required; penalty guidelines must guide imposition with reasons for divergence.

Section 64A mandates transparency in rulemaking through publication of draft regulations, public consultation, publication of a statement responding to comments, periodic review, and a recorded exception for urgent or internal matters. Section 64B authorises the Commission to publish non binding guidelines on the Act and rules, requires publication of guidelines on appropriate penalty amounts, and obliges the Commission to consider those penalty guidelines and provide reasons for any divergence when imposing penalties.

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