Proposed subsection 6(1.1) is the Governor in Council regulation of power. What it does is give discretion to the Governor in Council to make regulations. As a drafting convention, “may” is used in respect of regulation-making authority so that the Governor in Council would not be obliged to make regulations because we don't know the content of what the regulations would be. It would force the Governor in Council to make these regulations and the effect of it would be that it would require the minister to ask to have prior consultation and prior approval in any case, which would basically slow down the whole process.
In a nutshell, this would force the Governor in Council to make regulations without knowing exactly what was intended or what kinds of approvals or actions would basically be targeted by possible regulations.