An influential Conservative Party committee said Monday that a new leader should be in place by Sept. 2 at the latest, with nominations opening on Wednesday and closing on Thursday.

The 1922 committee, which sets party policy, ruled after an emergency meeting Monday the contest should be run under the same rules as 2005. That means lawmakers will choose and then put two candidates to the wider membership.

Such a process favors established candidates.

Former London Mayor Boris Johnson, the primary backer of the "leave" campaign and Home Secretary Theresa May, who backed "remain," are considered the front runners in the race to replace former Prime Minister David Cameron.