1(1)The constitution of the agency must provide for it to have—
(a)a chairman; and
(b)a governing body consisting of the chairman and other members ;
and the provisions of the constitution relating to the chairman and the other members of the governing body must comply with the following provisions of this paragraph.
(2)The chairman and other members of the governing body must be persons appointed and liable to removal from office by the Secretary of State and the Governor of the Bank of England acting jointly.
(3)The members of the governing body must include—
(a)persons with experience of investment business of a kind relevant to the functions or proposed functions of the agency; and
(b)other persons, including regular users on their own account or on behalf of others of services provided by persons carrying on investment business of any such kind ;
and the composition of that body must be such as to secure a proper balance between the interests of persons carrying on investment business and the interests of the public.