(1) A Consultative Panel, or the Consultative Panels jointly, may, with the consent of the Regulatory Authority, establish advisory groups to advise the Panel or Panels on any matter relating to financial services or providers of those services on which the Panel or Panels ask for advice.
(2) An advisory group is to consist of at least one member of the Panel or Panels that established it.
(3) As soon as practicable after being asked by a Consultative Panel, or by the Consultative Panels jointly, to provide advice on a matter, an advisory group shall provide the advice to the Panel or Panels that asked for the advice.
(4) The Regulatory Authority may consult an advisory group on a matter relating to financial services or to providers of those services directly without reference to -
(a) the Consultative Panel that established it, or
(b) if the group was established by the Consultative Panels jointly, those Panels.
(5) An advisory group may decide its own procedure for convening me