General functionsE+W
3The Board's duty to promote the regulatory objectives etcE+W
(1)In discharging its functions the Board must comply with the requirements of this section.
(2)The Board must, so far as is reasonably practicable, act in a way—
(a)which is compatible with the regulatory objectives, and
(b)which the Board considers most appropriate for the purpose of meeting those objectives.
(3)The Board must have regard to—
(a)the principles under which regulatory activities should be transparent, accountable, proportionate, consistent and targeted only at cases in which action is needed, and
(b)any other principle appearing to it to represent the best regulatory practice.
4Standards of regulation, education and trainingE+W
The Board must assist in the maintenance and development of standards in relation to—
(a)the regulation by approved regulators of persons authorised by them to carry on activities which are reserved legal activities, and
(b)the education and training of persons so authorised.
5Corporate governanceE+W
In managing its affairs, the Board must have regard to such generally accepted principles of good corporate governance as it is reasonable to regard as applicable to it.
6Annual reportE+W
(1)The Board must prepare a report (“the annual report”) for each financial year.
(2)The annual report must deal with—
(a)the discharge of the Board's functions,
(b)the extent to which, in the Board's opinion, the Board has met the regulatory objectives, and
(c)such other matters as the Lord Chancellor may from time to time direct.
(3)As soon as reasonably practicable after the end of each financial year, the Board must give the Lord Chancellor a copy of the annual report prepared for that year.
(4)The Lord Chancellor must lay a copy of the annual report before Parliament.
(5)In this section “financial year” means—
(a)the period beginning with the day on which the Board is established and ending with the next following 31 March, and
(b)each successive period of 12 months.
7Supplementary powersE+W
The Board may do anything calculated to facilitate, or incidental or conducive to, the carrying out of any of its functions.