(1) A reviewer shall be a person appearing to the Bank to have the skills relating to the business of the reviewee necessary to prepare an objective report on the matters concerned and, without limiting the generality of the foregoing, may be an auditor, actuary, accountant, lawyer or any other person with relevant business, technical or technological skills employed or otherwise engaged by the reviewee.

(2) A reviewer may be -

(a) nominated by the reviewee, within such period as is specified in a notice given under Regulation 17(1), and approved by the Bank, or

(b) nominated by the Bank, where no person is nominated by the reviewee within the period specified in a notice given under Regulation 17(1) or the Bank is not satisfied with the person so nominated.

(3) When considering whether to approve a nomination under paragraph (2)(a) or make a nomination under paragraph (2)(b), the Bank shall have regard to the circumstances giving rise to the requirement for a report and whether the person it proposes to so approve or nominate appears to have -

(a) the competence and capabilities necessary to prepare the report on the matter concerned,