This isn't much of a change from current regulations. A food company never had to inform the FDA of any ingredients used or ingredient changes. A food company would need an up to date label, but didn't involve the FDA. The FDA may inspect the label during a routine inspection or audit, but doesn't interfere with day to day operations like ingredient choice. The determination of ingredients is entirely up to the company provides that they have a valid HACCP (hazard analysis and critical control point plan) based food safety plan. This plan addresses ingredients used and known allergenic problems with ingredients.

This regulation matches the language of almost all labeling regulations which are listed as good practices and recommendations.