(1) The Regulatory Authority shall, at least 3 months before the beginning of each financial year -
(a) prepare for the year a strategic plan that complies with this section, and
(b) submit the plan to the Minister.
(2) A strategic plan must specify -
(a) the objectives of the Regulatory Authority's activities for the financial year concerned, and
(b) the nature and scope of the activities to be undertaken, and
(c) the strategies and policies for achieving those objectives, and
(d) targets and criteria for assessing the performance of the Authority, and
(e) the uses for which it is proposed to apply the Authority's resources.
(3) If the Minister has in writing notified the Regulatory Authority of any requirements with respect to the form in which its strategic plan is to be prepared, the plan must comply with those requirements.
(4) As soon as practicable after receiving the Regulatory Authority's strategic plan, the Minister shall arrange for the plan to be laid before both House