Every reference under section 11 above shall specify a period (not longer than six months beginning with the date of the reference) within which a report on the reference is to be made.

A report of the F2CMA on a reference under section 11 above shall not have effect (and no action shall be taken in relation to it under section 12 below) unless the report is made before the end of the period specified in the reference or such further period (if any) as may be allowed by the Secretary of State under subsection (3) below.

The Secretary of State may, if he has received representations on the subject from the F2CMA and is satisfied that there are special reasons why the report cannot be made within the period specified in the reference, extend that period by no more than three months.

No more than one extension is possible under subsection (3) above in relation to the same reference.

The Secretary of State shall publish any extension made by him under subsection (3) above in such manner as he considers most suitable for bringing it to the attention of persons who in his opinion would be affected by it or be likely to have an interest in it.