This section applies where the Treasury have given a direction to a regulator under section 3RC(1) to carry out a review.
The regulator must make a written report to the Treasury as to the opinion of the regulator in relation to the following matters—
if the regulator is the FCA, whether the rules under review—
are compatible with the FCA's strategic objective,
advance one or more of the FCA's operational objectives, and
advance the competitiveness and growth objective;
if the regulator is the PRA, whether the rules under review—
advance one or more of the PRA's objectives, and
advance the PRA's competition objective and the PRA's competitiveness and growth objective;
whether and to what extent the rules are functioning effectively and achieving their intended purpose;
whether any amendments should 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.