(1)The OTS must prepare a report of the performance of its functions in each financial year.
(2)The report relating to a financial year must be prepared as soon as reasonably practicable after the end of the financial year.
(3)The OTS must—
(a)send a copy of the report to the Chancellor of the Exchequer, and
(b)publish the report.
(4)The Chancellor of the Exchequer must lay a copy of the report before Parliament.
(5)For the purposes of this paragraph, each of the following is a “financial year”—
(a)the period beginning with the day on which this section comes into force and ending with the following 31 March, and
(b)each successive period of 12 months.