We describe a model structure for coloured operads with values in the category of symmetric spectra (with the positive model structure), in which fibrations and weak equivalences are defined at the level of the underlying collections. This allows us to treat R-module spectra (where R is a cofibrant ring spectrum) as algebras over a cofibrant spectrum-valued operad with R as its first term. Using this model structure, we give sufficient conditions for homotopical localizations in the category of symmetric spectra to preserve module structures.