(1) The Treasury must from time to time -

(a) carry out a review of the provisions of Parts 2 and 3 of these Regulations;

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

(c) publish the report.

(2) The report must in particular -

(a) set out the objectives intended to be achieved by the regulatory provision made by those provisions;

(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.

(3) [deleted]

(4) The first report under this article must be published before the end of 2020.

(5) Reports under this article are afterwards to be published at intervals not exceeding five years.