58.Subsection (1) provides that the Regulator must produce a report for each financial year. The “financial year” is defined for these purposes as the date of the Regulator’s establishment to the following 31 March and then every 12 months thereafter (see subsection (6)).
59.Subsections (2) and (3) set out information which must be included in the report. Each report will have to cover the activities of the Regulator for the financial year. A report by the committee set up under section 8 must also be included. It must give information about the strategic direction of the Regulator and how this is being kept under review; how the Chief Executive’s performance is being monitored; and the steps taken to monitor the Regulator’s performance against objectives and targets. Subsection (4) provides that the Regulator must send each report to the Secretary of State as soon as practicable after the end of the financial year. The Secretary of State will then lay a copy of every report received by him under this section before both Houses of Parliament (see subsection (5)).