Section 3: Performance
50.The Secretary of State will set objectives and performance indicators for the MMO which it must endeavour to meet.
51.In addition, the MMO will be placed under a duty to have regard to the five principles of good regulation set out in section 21 of the Legislative and Regulatory Reform Act 2006 (LRRA). The MMO’s functions will be listed by Order under Part 2 of that Act. Section 24(6) of the LRRA requires that the body whose functions are to be listed be consulted. Section 3(2) disapplies those consultation requirements. This is because the MMO must be made subject to the principles of good regulation on or before the date that it starts to deliver regulatory functions and there is a possibility that there will be insufficient time for such consultation between appointing the board members and the date on which the MMO is due to deliver those regulatory functions.