As soon as is reasonably practicable after the end of each financial year the Distributor shall send to the Secretary of State a report on the exercise of the Distributor’s functions during the year.

A report under sub-paragraph (1) shall, in particular, specify any directions given to the Distributor under paragraph 14 that had effect during the financial year to which the report relates.

The Secretary of State shall lay before Parliament a copy of each report received by him under this paragraph.