Section 3RC(1)

The Treasury may by direction require a regulator to carry out a review of specified rules if— the rules have been in force for at least 12 months, the Treasury consider that it is in the public interest that the rules are reviewed, and it does not appear to the Treasury that— the regulator is carrying out, or proposes to carry out, a review of those rules, or if the regulator proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.

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Source: legislation.gov.uk · retrieved 2026-09-04