(1) Before the end of each review period, the Treasury must -

(a) carry out a review of regulations 2 to 15,

(b) set out the conclusions of the review in a report, and

(c) publish the report.

(2) In carrying out the review the Treasury must, so far as is reasonable, have regard to how the UCITS Directive is implemented 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 regulations 2 to 15,

(b) assess the extent to which those objectives are achieved, and

(c) 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) "Review period" means -

(a) the period of five years beginning with the day on which regulations 2 to 15 come into force, and

(b) subject to paragraph (5), each successive period of five years.