Try this [at link]. Sorry, it's so long.I would like to see some citations for this because a quick google search shows otherwise. From just looking at a couple of regulations you see statements like:
Here's the relevant quote:
'The history of the COLREGS shows that they were enacted because of the need to establish a code of international rules of the road for maritime traffic through out the world. However, nothing in their history indicates that they were meant to regulate voluntary private sports activity in which the participants have waived their application and in which no interference with non-participating maritime traffic is implicated.
'Surprisingly, considering the extent and history of maritime and yachting traditions there is a dearth of applicable jurisprudence, although older reported English cases reveal that these questions have not altogether avoided judicial scrutiny over the years.
'The cases we have found however, are helpful to the extent that they establish the principle that when one voluntarily enters a yacht race for which published sailing instructions set out the conditions of participation, a private contract results between the participants requiring their compliance therewith.
KG
http://archive.sailingscuttlebutt.com/news/04/0111pera/