33AE.—(1) The Registrar shall, at least 3 months before the beginning of each financial year—

(a) prepare for the year a draft work plan that complies with this section, and

(b) submit the draft plan to the Bank for approval.

(2) A draft work plan shall specify—

(a) the objectives of the Registrar for the financial year concerned,

(b) the nature and scope of the activities to be undertaken,

(c) the strategies and policies for achieving those objectives and how the resources allocated to the Registrar are proposed to be used, and

(d) targets and criteria for assessing the performance of the Registrar.

(3) If the Head of Financial Regulation has notified the Registrar of any requirements with respect to the form in which a draft work plan is to be prepared, the Registrar shall take such steps as are necessary to ensure that the plan complies with those requirements.

(4) The Bank may approve a work plan either with or without amendment.

(5) On being approved under subsection (4), a draft work plan prepared for a financial year becomes the work plan for the Registrar for that year. The Registrar shall take all reasonably practical steps to implement the plan.]