The revisions are the first to be made to the code since 2005.
Several amendments have been proposed, along with two new rules, including the banning of the use of client products as incentives, and the requirement for parental consent for interviews with children under 16 in all locations.
MRS is inviting comment on the proposed changes, which will be discussed in an open meeting on March 19 in London.
The consultation will close on April 17 this year.
Geoff Gosling, chair of the MRS Market Research Standards Board, said: "The research sector is in a permanent state of development, as methodologies evolve and new opportunities and challenges arise.
"The proposed revisions to the Code of Conduct reflect the need to keep pace with these changes, ensuring that practitioners, users and participants within research are well protected and that the research undertaken by MRS Members and Company Partners is done to the highest standards."