The Treasury may by regulations require a regulator to exercise a power under this Act to make rules in relation to a specified activity or a specified description of person.
Regulations under this section may—
specify matters that the rules must cover;
specify a period within which the rules must be made.
But except so far as permitted by subsection (2), regulations under this section may not require rules to be made—
in a specified form or with specified content, or
to achieve or advance a specified outcome.
If no period is specified under subsection (2)(b) the rules must be made as soon as reasonably practicable after the coming into force of the regulations.