(1) The Regulator may establish disciplinary panels for the purposes of this Act.(2) Before the Regulator takes disciplinary action against the holder of a licence (a) the Regulator must refer the matter to a disciplinary panel for its recommendation; and(b) the panel (i) must consider the matters set out in the relevant show cause notice and the holder's response, if any, to the show cause notice; and(ii) may consider oral representations made by or on behalf of the Regulator and the holder of the licence; and(iii) must make a recommendation to the Regulator about whether disciplinary action should be taken and, if so, the nature of the disciplinary action; and(c) the Regulator must consider the panel's recommendation.