(1) Before the end of each review period, the Treasury must -
(a) carry out a review of regulations 2 to 24,
(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 in relation to the constitution of UCITS in accordance with contract law (as common funds managed by management companies) 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 or applied in relation to a contractual scheme by regulations 2 to 24,
(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) If a report under this regulation is published before the last day of the review period to which it relates