26(1)For each financial year, the MMO must prepare an annual report on how it has discharged its functions during the year.E+W+S+N.I.
(2)The MMO must send the report to the Secretary of State as soon as possible after the end of the year to which it relates.
(3)The Secretary of State must lay a copy of the report before each House of Parliament.
(4)In this paragraph “financial year” means—
(a)the period that—
(i)begins with the day on which the MMO is established, and
(ii)ends with the next 31st March,
(b)each subsequent period of 12 months ending with 31st March.