47.—(1) The Department must, from time to time—
(a)carry out a review of these Regulations;
(b)set out the conclusion of the review in a report; and
(c)publish the report.
(2) In carrying out the review the Department must, so far as is reasonable, have regard to how the 2012 Directive (2012/34/EU), (which is implemented by means of these Regulations) is implemented in other EEA states.
(3) The report must, in particular—
(a)set out the objectives intended to be achieved by the regulatory system established by these Regulations;
(b)assess the extent to which those objectives are achieved; and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they would be achieved with a system which imposes less regulation.
(4) The first report under this regulation must be published before the end of a period of 5 years beginning with the day on which these Regulations come into force.
(5) Reports under this regulation are afterwards to be published at intervals not exceeding 5 years.