(1) The Treasury must from time to time -
(a) carry out a review of the regulatory provision contained in regulations 3 to 46 (including Schedules 1 and 2), and
(b) publish a report setting out the conclusions of the review.
(2) The first report must be published before the end of the period of 5 years beginning with the initial commencement day.
(3) Subsequent reports must be published at intervals not exceeding 5 years.
(4) Each report must in particular -
(a) set out the objectives intended to be achieved by the regulatory provision referred to in paragraph (1)(a),
(b) assess the extent to which those objectives are achieved,
(c) assess whether those objectives remain appropriate, and
(d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.
(5) In this regulation "regulatory provision" has the same meaning as in sections 28 to 32 of the Small Business, Enterprise and Employment Act
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