60Annual reports

60 Annual reports

(1)  Within 4 months after the end of each financial year, the Regulator must prepare a report on the activities of the Regulator during that financial year.

(2)  The report prepared under subsection (1) is to include –

(a) a report on the exercise of the powers, and the performance of the functions, of the Regulator; and

(b) information prescribed for the purposes of this section, if any.

(3)  Before 31 October in each year, the Regulator must cause a copy of the annual report prepared by the Regulator for the preceding financial year to be laid before each House of Parliament.

(4)  If the Regulator is unable to comply with subsection (3) for any reason other than that a House of Parliament is not sitting, the Regulator must cause to be laid before each House of Parliament a statement specifying –

(a) the reasons for the failure to comply with that subsection; and

(b) an estimate of the day by which a copy of the annual report will be ready to be laid before each House of Parliament.

(5)  If the Regulator is unable to comply with subsection (3) because a House of Parliament is not sitting, the Regulator must –

(a) forward a copy of the annual report to the Clerk of that House; and

(b) within the next 7 sitting-days of that House, cause a copy of the annual report to be laid before that House.