Valid from 10/02/2005
(1)The Regulator must prepare a report for each financial year.
(2)Each report—
(a)must deal with the activities of the Regulator in the financial year for which it is prepared, including the matters mentioned in subsection (3), and
(b)must include the report prepared under subsection (5) of section 8 by the committee established under that section.
(3)The matters referred to in subsection (2)(a) are—
(a)the strategic direction of the Regulator and the manner in which it has been kept under review;
(b)the steps taken to scrutinise the performance of the Chief Executive in securing that the Regulator’s functions are exercised efficiently and effectively;
(c)the Regulator’s objectives and targets (including its main objectives as set out in section 5 or in any corresponding provision in force in Northern Ireland) and the steps taken to monitor the extent to which they are being met.
(4)The Regulator must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.
(5)The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.
(6)In this section “financial year” means—
(a)the period beginning with the date on which the Regulator is established and ending with the next following 31st March, and
(b)each successive period of 12 months.