(1) Each regulator must make two reports to the Treasury on how it has complied with its duty to advance the competitiveness and growth objective.
(2) The reports prepared by each regulator under subsection (1) must in particular explain -
(a) the action taken by the regulator to ensure that the competitiveness and growth objective is embedded in its operations, processes and decision-making, and
(b) how any rules and guidance that the regulator has made advance that objective.
(3) The first report under this section must be made before the end of 12 months beginning with the first day on which section 25 of this Act comes into force, and must relate to that period.
(4) The second report under this section must be made before the end of 24 months beginning with the first day on which section 25 of this Act comes into force, and must relate to the period beginning with the day on which the first report is published.
(5) The Treasury must lay a copy of each report prepared under this sec
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