(1) This section applies where the Treasury have given a direction to the Bank of England under section 300K to carry out a review.
(2) The Bank must make a written report to the Treasury as to the opinion of the Bank in relation to the following matters -
(a) whether the rules under review advance -
(i) the Bank's Financial Stability Objective, and
(ii) the Bank’s secondary innovation objective (see section 30D(2) of the Bank of England Act 1998);
(b) whether and to what extent the rules are functioning effectively and achieving their intended purpose;
(c) whether any amendments need to be made to the rules and, if so, what those amendments should be;
(d) whether any rules should be revoked (with or without replacement);
(e) whether any other action should be taken and, if so, what that action should be.
(3) As soon as practicable after receiving the report the Treasury must -
(a) lay before Parliament a copy of the report, and
(b) publish the report in such manner as the Treasury t
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