3.—(1) The Treasury must from time to time—
(a)carry out a review of regulation 2,
(b)set out the conclusions of the review in a report, and
(c)publish the report.
(2) The report must in particular—
(a)set out the objectives intended to be achieved by the amendments made by regulation 2,
(b)assess the extent to which those objectives are achieved, and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(3) The first report under this regulation must be published before the end of the period of five years beginning with 31st March 2012 in conjunction with the Treasury’s report setting out the conclusions of its review under article 3 of the Financial Services and Markets Act 2000 (Exemption) (Amendment No 2) Order 2011(1).
(4) Reports under this regulation are afterwards to be published at intervals not exceeding five years.