(1) The trustees of a regulatory own funds Trust RAC shall, in accordance with section 56 of the Act, cause -

(a) the resources and liabilities of the Trust RAC to be valued by the actuary of the Trust RAC at a date referred to in these Regulations as the "effective date", and

(b) the actuary's report to be prepared on the valuation as soon as reasonably practicable after the effective date.

(2) The effective date of the first valuation to be prepared under section 56(1) of the Act shall be -

(a) in the case of a Trust RAC which on 23 September 2010 was a regulatory own funds trust RAC, not later than 29 June 2014,

(b) in the case of a Trust RAC which commences after 23 September 2010 and which from the Trust RAC's commencement is a regulatory own funds trust RAC not later than 3 years after the date of its commencement,

(c) in the case of a Trust RAC which at its commencement was not a regulatory own funds trust RAC but becomes a regulatory own funds trust RAC after 23 September 2010 not later than 3 years from the date of it becoming a regulatory own funds trust RAC,

and thereafter while the Trust RAC remains a regulatory own funds trust RAC each subsequent actuarial valuation shall have an effective date not later than 3 years after the effective date of the immediately preceding valuation.