(1) This section applies where the Treasury have given a direction to a regulator under section 3RC(1) to carry out a review.
(2) The regulator must make a written report to the Treasury as to the opinion of the regulator in relation to the following matters -
(a) if the regulator is the FCA, whether the rules under review -
(i) are compatible with the FCA's strategic objective,
(ii) advance one or more of the FCA's operational objectives, and
(iii) advance the competitiveness and growth objective;
(b) if the regulator is the PRA, whether the rules under review -
(i) advance one or more of the PRA’s objectives, and
(ii) advance the PRA’s competition objective and the PRA’s competitiveness and growth objective;
(c) whether and to what extent the rules are functioning effectively and achieving their intended purpose;
(d) whether any amendments should be made to the rules and, if so, what those amendments should be;
(e) whether any rules should be revoked (with or without replacemen
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