Regulation 4 Amendments to the Late Payment of Commercial Debts Regulations 2002

After regulation 5 (saving for existing contracts), insert—

“Review

6.

(1)

Before 26th February 2022, and subsequently at intervals not exceeding five years, the Secretary of State must—

(a)

carry out a review of regulation 3;

(b)

set out the conclusions of the review in a report; and

(c)

publish the report.

(2)

In carrying out the review the Secretary of State must, so far as is reasonable, have regard to how Article 7(5) of Directive 2011/7/EU of the European Parliament and of the Council of 16th February 2011 on combating late payment in commercial transactions^f1 is implemented in other member States.

(3)

The report must in particular—

(a)

set out the objectives intended to be achieved by regulation 3;

(b)

assess the extent to which those objectives are achieved; and

(c)

assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.”.