(1)As soon as possible after the end of each reporting period, HEFCW must submit a report to the Welsh Ministers on how, during the period, HEFCW have exercised their functions by virtue of this Act.
(2)As soon as possible after receiving a report under subsection (1), the Welsh Ministers must lay a copy of the report before the National Assembly for Wales.
(3)The report must comply with any requirements that the Welsh Ministers may by direction to HEFCW specify.
(4)Those requirements may include requirements as to the form and content of the report.
(5)For the purposes of this section the first reporting period is the period—
(a)beginning with the day on which this section comes into force, and
(b)ending with whichever is the earlier of the anniversary of that day, and a day specified by HEFCW in notice given to the Welsh Ministers.
(6)The subsequent reporting periods are each successive period of 12 months.
(7)The Welsh Ministers may by direction specify requirements with which notice given as described in subsection (5) is to comply (including as to form and content, and the time at which it is to be given); and notice is not to be treated as having been given for the purposes of subsection (5) unless it complies with those requirements.