(1) The Regulatory Authority shall establish and maintain two consultative panels.
(2) One of the panels is to be called the 'Financial Services Consultative Consumer Panel' and the other is to be called the 'Financial Services Consultative Industry Panel'.
(3) As soon as practicable after establishing a Consultative Panel, the Regulatory Authority shall publish in Iris Oifigiúil a notice to the effect that the Panel has been established and the date on which the establishment took effect.