What is a primary reason regulators seek public consultation before implementing new regulations?

Regulators seek public consultation before implementing new regulations primarily to improve the final rules through comprehensive feedback. The process of consulting the public allows regulators to gather insights and opinions from various stakeholders, including industry professionals, consumers, and advocacy groups. This input helps ensure that the regulations are practical, effective, and aligned with the realities on the ground.

By conducting a cost-benefit analysis during this consultation phase, regulators can assess the potential impact of new rules. Stakeholders can highlight unintended consequences, potential burdens, or areas where the regulations might need refinement to ensure they achieve their intended goals without imposing unnecessary costs. This iterative process leads to better governance and more effective regulations that can adapt to the needs of those they are designed to protect or regulate.

In essence, this consultation fosters transparency, encourages collaboration, and ultimately leads to better regulatory outcomes, which is why improving the final rules is a central objective of public consultations.