The Committee for Infrastructure has launched a consultation process to gather views on the draft regulations set out in the Reservoirs Act.
Stakeholders and members of the public are being asked to assess whether the information supplied by the Department for Infrastructure is both accurate and complete.
Consultants will also be invited to consider if putting the new rules into practice might create unforeseen problems that have not yet been recognised.
The proposed framework includes a definition for what constitutes a controlled reservoir.
It would introduce a specific position known as reservoir manager, with clear duties regarding the oversight of individual water storage sites.
Controlled reservoirs would need to be registered under the new system.
A tiered approach is planned, dividing facilities into low, medium and high-risk categories.
Medium and high-risk sites would face mandatory requirements for regular inspections.
The draft legislation also outlines potential offences for those who fail to comply with the provisions.