Background Part 1 – Regulatory Framework Requirements of category 2 regulators Section 15 – Annual reports of category 2 regulator
56.This section requires a category 2 regulator to prepare an annual report on the exercise of its regulatory functions. Subsection (2) sets out a range of material that must be contained in the report including information relating to compliance with the regulatory objectives, strategic priorities, costs, details of the steps it has taken in relation to its regulated providers, information about directions given under section 20, details of how a regulator has complied with a direction in relation to the handling of complaints and of steps taken by a regulator to ensure compliance with any measures taken under section 19, and a statement indicating whether the regulator considers that the category to which it has been assigned is appropriate. When preparing an annual report, a category 2 regulatory must consult the independent advisory panel of the Commission. Each report must be published by the regulator and a copy sent to the Lord President.