(1)The Treasury must, before the end of each review period, conduct a review of the effectiveness of the OTS in performing its functions.
(2)The “review period” means—
(a)in relation to the first review, the period of 5 years beginning with the day on which this section comes into force, and
(b)in relation to subsequent reviews, the period of 5 years beginning with the day on which the previous review was completed.
(3)The Treasury must prepare and publish a report of each review.