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Once the need is brought to light, the initiators are required to provide a proposed solution to their identified need. This is the embryonic stage of regulation during which both the problem and solution are shaped and take their first form.

Stakeholders must first address the need in detail, by: Clearly defining the need/problem, Identifying who the issue affects, and to what degree these parties are affected, Proposing legislation or policy that may address this issue, Drafting a proposal for the implementation of a regulatory oversight body, or the creation of one if none exists.

These proposals are formulated in conjunction with legal professionals and industry experts who collaboratively compile a draft which is submitted for debate. This phase is often undertaken alongside the following phase.

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