(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as "the Listing Authority Advisory Panel") to represent the interests of practitioners who are likely to be affected by the exercise by the FCA of its relevant functions.
(2) The reference in subsection (1) to the FCA's relevant functions is to its functions relating to the listing, issue or trading of products on recognised investment exchanges and other markets the operation of which is regulated by the FCA, including in particular -
(a) the issuing of transferable securities, and
(b) the trading of transferable securities on regulated markets and multilateral trading facilities.
(3) The FCA must appoint one of the members of the Listing Authority Advisory Panel to be the chair of the Panel.
(4) The Treasury's approval is required for the appointment or dismissal of the chair.
(5) The FCA must appoint to the Listing Authority Advisory Panel such persons to represent the
…