(a) If the commission determines an awarding agency or in the case of a municipal public works contract, a municipality, has a contract compliance program which is at least equivalent to the requirements and responsibilities of sections 4a-60 and 46a-68c to 46a-68f, inclusive, such agency or municipality, subject to the approval of the commission, may use its own compliance program. Any contractor who is a party to a public works contract with such agency or municipality may be relieved of the requirements and responsibilities of said sections, provided such contractor complies with the requirements of such agency’s or municipality’s contract compliance program.

(b) The commission shall adopt regulations in accordance with chapter 54 to carry out the purposes of this section, including, but not limited to, establishing a procedure for such determination and approval.