(1) Where the Bank has reason to suspect, based on reasonable grounds, that a prescribed contravention is being committed or has been committed by a person (in this Part referred to as the "assessee"), the Bank may appoint an assessor (or, if the Bank thinks fit to do so, more than one assessor) to conduct an assessment as to -

(a) whether or not the assessee is committing or has committed the contravention, and

(b) where the assessor finds that the assessee is committing or has committed the contravention, the specified, sanction or, sanctions, if any, which the assessor considers is or are appropriate to be imposed on the assessee in respect of the contravention.

(2) The Bank may appoint an assessor who is not an officer, employee or official of the Bank and any such assessor so appointed is an agent of the Bank for the purpose of performing the functions of an assessor under this Part.