2.—(1) The Secretary of State must carry out a review of the provisions of these Regulations before the end of each review period and set out the conclusions of the review in a report.
(2) In carrying out the review the Secretary of State will, so far as is reasonable, compare the implementation of European obligations in the Defence and Security Procurement Directive with the implementations of those obligations in other member States.
(3) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory system established by those provisions;
(b)assess the extent to which those objectives have been achieved;
(c)include the assessment of the comparison between implementations; and
(d)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(4) The Secretary of State must lay the report before Parliament before the end of the review period.
(5) The first review period is the period of five years beginning with the day on which these Regulations came into force.
(6) Each subsequent review period is a period of five years beginning with the date on which the report of the review carried out during the preceding review period was laid before Parliament.