(1) The Treasury must, after receiving the report of the PRA under section 9 but before the end of the initial period, appoint one or more persons ("the review panel") to carry out a review of proprietary trading engaged in (whether or not as a regulated activity) by relevant authorised persons.
(2) 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.
(3) 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 as affecting their suitability to serve as members of the review panel.
(4) In appointing the members of the review panel, the Treasury must have regard to the need to ensure that the review panel (considered as a whole) has the necessary experience to undertake the review.
(5) Before appoint
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