(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 -