371.2(1)The Lieutenant-Governor in Council may, by order, amend or repeal a rule made by the Financial and Consumer Services Commission.

371.2(2)Subject to the approval of the Minister, the Financial and Consumer Services Commission, concurrently with making a rule, may make a regulation that amends or repeals any provision of a regulation made by the Lieutenant-Governor in Council under this Act or by the Financial and Consumer Services Commission under this subsection that in the opinion of the Financial and Consumer Services Commission is necessary or advisable to effectively implement the rule.

371.2(3)A regulation made under subsection (2) is not effective before the rule referred to in that subsection comes into force.

371.2(4)Subject to subsection (5), a regulation made under subsection (2) may be retroactive in its operation.

371.2(5)A regulation or rule authorized by this Act may incorporate by reference, in whole or in part, any laws, any by-laws or other regulatory instruments or any codes, standards, procedures or guidelines as they are amended from time to time before or after the making of the regulation or the rule or as they read at a fixed time and may require compliance with any law, any by-law or other regulatory instrument or any code, standard, procedure or guideline so incorporated.

371.2(6)Regulations or rules may vary for or be made in respect of different persons, matters or things or different classes or categories of persons, matters or things.

371.2(7)A regulation or a rule may be general or particular in its application, may be limited as to time or place or both and may exclude any place from the application of the regulation or rule.

371.2(8)The Regulations Act does not apply to the rules made under this Act.

371.2(9)If there is a conflict or an inconsistency between a regulation made by the Lieutenant-Governor in Council under this Act and a rule made by the Financial and Consumer Services Commission under this Act, the regulation prevails but in all other respects a rule has the same force and effect as a regulation.