This section applies where the Treasury have given a direction to the Bank of England under section 300K to carry out a review.
The Bank must make a written report to the Treasury as to the opinion of the Bank in relation to the following matters—
whether the rules under review advance—
the Bank's Financial Stability Objective, and
the Bank's secondary innovation objective (see section 30D(2) of the Bank of England Act 1998);
whether and to what extent the rules are functioning effectively and achieving their intended purpose;
whether any amendments need to be made to the rules and, if so, what those amendments should be;
whether any rules should be revoked (with or without replacement);
whether any other action should be taken and, if so, what that action should be.
As soon as practicable after receiving the report the Treasury must—
lay before Parliament a copy of the report, and
publish the report in such manner as the Treasury think fit.
When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest.