(1) The Treasury must, before the end of the initial period, appoint a panel of at least 5 persons ("the review panel") to carry out a review of the operation of the legislation relating to ring-fencing.
(2) "The legislation relating to ring-fencing" means -
(a) Part 9B of FSMA 2000 (as inserted by section 4);
(b) orders and regulations made by the Treasury under that Part;
(c) ring-fencing rules, as defined by section 142H(3) of FSMA 2000, made by the FCA or the PRA;
(d) section 192JA of FSMA 2000 (as inserted by section 133);
(e) rules made by the FCA or the PRA under that section.
(3) The initial period is the period of 2 years beginning with the first day on which section 142G of FSMA 2000 is fully in force.
(4) The members of the review panel must be persons -
(a) who appear to the Treasury to be independent of the PRA, the FCA, the Bank of England and the Treasury, and
(b) who do not appear to the Treasury to have any financial or other interests that could reasonably be regarded
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