Insolvency, Northern Ireland Citation and commencement 1 1 These Regulations may be cited as the Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Reports on Conduct of Directors) (Northern Ireland) Regulations 2016 and come into force on 6th April 2016. 2 In these Regulations “the 2003 Rules” means the Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 . Amendments to the 2003 Rules 2 1 The 2003 Rules are amended as follows. 2 For Rule 4 substitute— Conduct reports required under Article 10A(4) of the Order 4 An office-holder must prepare a conduct report required under Article 10A(1) of the Order in the Form DCR set out in the Schedule. . 3 For Rule 5 substitute— Enforcement of Article 10A(4) and (5) of the Order 5 1 An office-holder who without reasonable excuse fails to comply with any of the obligations imposed by Articles 10A(4) or 10A(5) of the Order is guilty of an offence and— a on summary conviction of the offence, is liable to a fine not exceeding level 3 on the standard scale, and b for continued contravention is liable to a daily default fine: that is to say, he is liable on a second or subsequent summary conviction of the offence to a fine of one-tenth of level 3 on the standard scale for each day on which the contravention is continued (instead of the penalty specified in sub-paragraph (a)). 2 Article 374 of the Insolvency (Northern Ireland) Order 1989 (summary proceedings) has effect in relation to an offence under this rule as to offences under Parts II to VII of that Order. . 4 Rule 6 is omitted. 5 For the forms set out in the Schedule there shall be substituted the form designated DCR as set out in the Schedule to these Regulations. Review 3 After Rule 8 of the 2003 Rules, insert— 9 1 A Minister of the Crown must from time to time— a carry out a review of these Rules, b set out the conclusions of the review in a report, and c publish the report. 2 The report must in particular— a set out the objectives intended to be achieved by these Rules, b assess the extent to which those objectives are achieved, and c if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision. 3 The first report under this rule must be published before the end of the period of 5 years beginning on 6th April 2016. 4 Subsequent reports under this rule must be published at intervals not exceeding 5 years. 5 In this regulation, “regulatory provision” has the meaning given by section 32(4) of the Small Business, Enterprise and Employment Act 2015. Transitional and savings provisions 4 1 The amendments made by these Regulations do not apply to a person required to deliver a report within a period specified in an order made in accordance with rule 7(2) of the 2003 Rules, if the period specified in the order has not expired on 6th April 2016. 2 When, in relation to a company (as defined in article 2(2) of the Company Directors (Northern Ireland) Order 2002 ) the relevant date in rule 5(4) of the 2003 Rules occurred before 6th April 2016, the 2003 Rules continue to apply without the amendments made by these Regulations. Anna Soubry Minister of State for Small Business, Industry and Enterprise Department for Business, Innovation and Skills 11th March 2016