(1) The OFT must keep under review the regulatory provisions and practices of recognised bodies.
(2) If at any time the OFT considers that -
(a) a regulatory provision or practice has a significantly adverse effect on competition, or
(b) regulatory provisions or practices, or a combination of regulating provisions and practices have such an effect,
the OFT must make a report.
(3) If at any time the OFT considers that -
(a) a regulatory provision or practice does not have a significantly adverse effect on competition, or
(b) regulatory provisions or practices, or a combination of regulatory provisions and practices do not have any such effect,
the OFT may make a report to that effect.
(4) A report under subsection (2) must contain details of the adverse effect on competition.
(5) If the OFT makes a report under subsection (2), the OFT must -
(a) send a copy of it to the Treasury, to the Competition Commission and to the Authority; and
(b) publish it in the way appearing to the OFT