1. The Panel

(1) A takeover panel (the "Panel") shall be established for the purpose of carrying out the functions conferred on it by or under these Regulations.
(2) The membership of Panel shall be determined by the Board from time to time.
(3) The Panel shall be responsible for ensuring orderly conduct of takeover bids and merger transactions in accordance with these Regulations and the rules made by the Panel pursuant to these Regulations, including —
(a) setting out general principles for the conduct of takeover bids and merger transactions,
(b) ensuring that the Panel's powers are exercised in order to give effect to such principles,
(c) giving rulings and directions on the application of these Regulations and the rules made by the Panel pursuant to these Regulations, and
(d) the day to day supervision of takeover bids and merger transactions.
(4) The Panel may do anything that it considers necessary or expedient for the purposes of, or in connection with, its functions.
(5) The Panel may make arrangements for any of its functions to be discharged by —
(a) a committee or sub-committee of the Panel,
(b) an officer or member of staff of the Panel, or a person acting as such,
(c) an officer or member of staff of the Financial Services Regulator, or a person acting as such, or
(d) an officer or member of staff of the Registrar, or a person acting as such.