(1)An approved regulator must review annually its performance.
(2)In particular, a review is to cover the following matters—
(a)the approved regulator’s compliance with section 77,
(b)the exercise of its regulatory functions,
(c)the operation of its internal governance arrangements,
(d)its compliance with any measures applying to it by virtue of section 38(4)(a) or (b).
(3)The approved regulator must send a report on the review to the Scottish Ministers.
(4)The report must contain a copy of the approved regulator’s annual accounts (but only so far as they are relevant in connection with its functions under this Part).
(5)The Scottish Ministers must lay a copy of the report before the Scottish Parliament.
(6)The Scottish Ministers may by regulations make further provision about—
(a)the review of approved regulators’ performance,
(b)reports on reviews of their performance.